{
  "schema": "5lc-selection-review/1",
  "sublayer": "campuses",
  "asOf": "2026-10-21",
  "status": "Representative selection with explicit cutoff uncertainty; source and calculation review complete, final editorial integration pending",
  "scope": "Commercial third-party data-center operators, including wholesale single-tenant campuses and retail colocation/interconnection. A single-tenant facility is eligible when its operator sells capacity to an unrelated customer. Captive hyperscaler facilities, mining-only facilities and unbuilt land/power pipelines are excluded from current supply. Geography is global.",
  "eligibility": [
    "A current delivered third-party facility, recognized relevant revenue, billable capacity, or specific current commercial service/operating-site evidence establishes eligibility. Funding, site announcements and future leases alone do not.",
    "Public/private status does not affect eligibility. Missing MW/revenue remains unknown. A company can be eligible without a comparable quantitative scale.",
    "Consolidate controlled operating units; distinguish minority investments. GDS and DayOne are separate; Equinix does not control atNorth. NTT-operated REIT facilities count once. Ascenty overlaps Digital Realty gross JV capacity; do not add another selected supplier for the same physical assets.",
    "Financial sponsors do not automatically merge portfolio operating companies into one supplier when contracts and operations are independent. AdaniConneX/EdgeConneX JV and Keppel operator/REIT boundaries remain visible.",
    "A representative directory can include operator units with explicit parent labels; the parent revenue never substitutes for relevant campus activity."
  ],
  "predefinedFunctions": [
    {
      "id": "retail",
      "description": "Retail colocation and interconnection",
      "minimumRepresentatives": 1,
      "parameterType": "Editorial coverage choice, not empirical importance weight"
    },
    {
      "id": "wholesale",
      "description": "Wholesale and hyperscale campuses",
      "minimumRepresentatives": 1,
      "parameterType": "Editorial coverage choice, not empirical importance weight"
    },
    {
      "id": "regional",
      "description": "Commercial provision across distinct regional markets",
      "minimumRepresentatives": 1,
      "parameterType": "Editorial coverage choice, not empirical importance weight"
    }
  ],
  "universe": {
    "establishedAt": "2026-10-21T05:03:04.579497+00:00",
    "initialFile": "candidate-universe-preselection.json",
    "addendumFile": "campuses-universe-addendum.json",
    "candidateCount": 51,
    "reconciledCandidates": [
      {
        "entityId": "digital-realty",
        "name": "Digital Realty",
        "economicParent": "digital-realty",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
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        ],
        "sourceIds": [
          "digital-realty:dlr-blackfuel",
          "digital-realty:dlr-mcp",
          "digital-realty:dlr-q2-deck"
        ],
        "roleEvidence": "Digital Realty develops and operates data centers, leasing equipped space and connecting customers to networks and clouds through PlatformDIGITAL. Its June 2026 presentation reports approximately 3 GW of in-place IT capacity, including joint ventures at their full physical capacity. Another approximately 9 GW is future development potential, including about 1.4 GW under construction. These measures describe different stages of delivery.",
        "reviewFile": "infrastructure/reviews/digital-realty.json",
        "packetSha256": "5e95f82cb037b635138e2f8399ebb0e51e11cad216fb5af6c3cf9c4bd3293cb3",
        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "campuses",
        "currentSummaryEvidence": {
          "tagline": "Data-center capacity and interconnection for cloud, enterprise and AI workloads",
          "description": "Digital Realty develops and operates data centers, leasing equipped space and connecting customers to networks and clouds through PlatformDIGITAL. Its June 2026 presentation reports approximately 3 GW of in-place IT capacity, including joint ventures at their full physical capacity. Another approximately 9 GW is future development potential, including about 1.4 GW under construction. These measures describe different stages of delivery.",
          "whyItMatters": "Large AI clusters require powered and cooled space; enterprise deployments also need connections to their data, users and cloud services. Digital Realty supplies both functions. Its scale therefore depends on the capacity already available and the connectivity around it, while future construction describes an additional delivery opportunity.",
          "evidence": "company_stated",
          "sourceIds": [
            "digital-realty:dlr-q2-deck",
            "digital-realty:dlr-blackfuel",
            "digital-realty:dlr-mcp"
          ],
          "locator": "2Q26 presentation slides 2–4; Blackfuel deployment; ServiceFabric MCP availability"
        },
        "currentParentDisclosure": null,
        "currentScopeGaps": [
          "The latest accessible ownership evidence is a dated provider snapshot, not an independently reconstructed beneficial-ownership register.",
          "Public capacity figures include unconsolidated facilities at 100% share. They cannot be added to separate operator figures without reconciling each shared asset.",
          "The company does not identify its largest customers in the cited concentration disclosure. AI-only revenue and current AI-only operating capacity are not disclosed.",
          "Columbia Capital remained an announced acquisition in the Q2 release. This review found no closing confirmation, so completion is not assumed.",
          "The leadership list covers disclosed executives and selected directors, not a verified internal reporting hierarchy."
        ]
      },
      {
        "entityId": "equinix",
        "name": "Equinix",
        "economicParent": "equinix",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
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        ],
        "sourceIds": [
          "equinix:eqix-10k-2025",
          "equinix:eqix-q2-2026-pr"
        ],
        "roleEvidence": "Equinix rents data-center space, power and cooling and connects the equipment, networks and services housed there. It reported 280 facilities across 77 markets and 36 countries at year-end 2025, serving more than 10,500 customers. Retail IBX facilities support network and cloud interconnection; xScale joint ventures serve large cloud deployments. FY2025 revenue was $9.217 billion, including $8.739 billion of recurring revenue.",
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        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "campuses",
        "currentSummaryEvidence": {
          "tagline": "Colocation and interconnection for distributed computing",
          "description": "Equinix rents data-center space, power and cooling and connects the equipment, networks and services housed there. It reported 280 facilities across 77 markets and 36 countries at year-end 2025, serving more than 10,500 customers. Retail IBX facilities support network and cloud interconnection; xScale joint ventures serve large cloud deployments. FY2025 revenue was $9.217 billion, including $8.739 billion of recurring revenue.",
          "whyItMatters": "AI applications need connections between compute, data, clouds and users as well as server capacity. Equinix supplies these interconnection points and the facilities around them. Its relevance therefore includes the retail network ecosystem; a comparison based only on hyperscale megawatts would omit an important part of its role.",
          "evidence": "inference",
          "sourceIds": [
            "equinix:eqix-10k-2025",
            "equinix:eqix-q2-2026-pr"
          ],
          "locator": "FY2025 Form 10-K, Item 1 and Note 18; interpretation of the documented interconnection function"
        },
        "currentParentDisclosure": null,
        "currentScopeGaps": [
          "A comparable portfolio-wide operating critical IT MW total was not established; facility counts, lease signings and construction plans cannot replace it.",
          "AI-specific revenue and customer-level xScale MW are not disclosed in the reviewed material.",
          "Fabric Intelligence’s April release states preview availability; a later general-availability confirmation was not established.",
          "June 2026 institutional holdings are a dated provider snapshot, not freshly retrieved ownership. Proxy holdings use older underlying disclosures.",
          "Fidelma Russo’s outside HPE title is stated by Equinix but requires a cross-company current-role check.",
          "Named customers and suppliers are a selected disclosed sample, not a complete commercial roster.",
          "The earlier 134 MW xScale lease, 700 MW construction and 3 GW land figures were not independently substantiated from the underlying call in this review. They are excluded from current quantitative comparisons."
        ]
      },
      {
        "entityId": "ntt-global-data-centers",
        "name": "NTT Global Data Centers",
        "economicParent": "ntt-global-data-centers",
        "eligible": true,
        "functions": [
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          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "ntt-global-data-centers:ntt-gdc-page",
          "ntt-global-data-centers:ntt-integrated",
          "ntt-global-data-centers:ntt-ownership",
          "ntt-global-data-centers:ntt-q1"
        ],
        "roleEvidence": "NTT Global Data Centers provides space, electricity, cooling and connectivity for enterprise and cloud workloads. Its public service platform spans more than 160 facilities in over 20 countries. NTT DATA is wholly owned by NTT; individual properties may have outside investors or sit in its sponsored REIT.",
        "reviewFile": "infrastructure/reviews/ntt-global-data-centers.json",
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        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "campuses",
        "currentSummaryEvidence": {
          "tagline": "Global colocation and hyperscale infrastructure within NTT DATA",
          "description": "NTT Global Data Centers provides space, electricity, cooling and connectivity for enterprise and cloud workloads. Its public service platform spans more than 160 facilities in over 20 countries. NTT DATA is wholly owned by NTT; individual properties may have outside investors or sit in its sponsored REIT.",
          "whyItMatters": "The business supplies an established international footprint and large new customer commitments. Its operating data must be read at the stated boundary: the overseas business reported approximately 1,630MW of power capacity at June 2026, while the wider NTT group reported about 2GW.",
          "evidence": "company_stated",
          "sourceIds": [
            "ntt-global-data-centers:ntt-gdc-page",
            "ntt-global-data-centers:ntt-ownership",
            "ntt-global-data-centers:ntt-q1",
            "ntt-global-data-centers:ntt-integrated"
          ],
          "locator": "Service footprint; ownership; Q1 presentation p11 and integrated report p64"
        },
        "currentParentDisclosure": {
          "name": "NTT, Inc. (via NTT DATA Group)",
          "ticker": "9432.T"
        },
        "currentScopeGaps": [
          "A complete reconciliation between overseas power capacity, GDC advertised critical IT load and wider NTT group capacity was not disclosed. Neither a group total nor a development target is treated as a precise divisional operating IT figure.",
          "Current recurring colocation revenue, AI-only revenue, occupied IT capacity and customer concentration were not separately established. The quarterly overseas DC result is not annualized.",
          "The unit’s separate headquarters, full board roster and individual executive reporting lines were not established. Tokyo denotes the corporate-parent location.",
          "The sponsored REIT website presented a jurisdictional access gate; no agreement or restricted materials were accessed. Its full current portfolio and sponsor stake were not revalidated.",
          "The sustainability report covers the financial-control boundary for April 2025–March 2026. It reports qualified limited assurance and excludes some divested assets; its environmental totals do not independently verify the entire operated estate.",
          "The 2024 Johor announcement and 2026 land-title update establish a development project; current commissioning and full construction status remain unconfirmed."
        ]
      },
      {
        "entityId": "vantage-data-centers",
        "name": "Vantage Data Centers",
        "economicParent": "vantage-data-centers",
        "eligible": true,
        "functions": [
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "vantage-data-centers:v-apac",
          "vantage-data-centers:v-equity-2024",
          "vantage-data-centers:v-frontier",
          "vantage-data-centers:v-home",
          "vantage-data-centers:v-lighthouse",
          "vantage-data-centers:v-nebius-wire"
        ],
        "roleEvidence": "Vantage develops and operates data-center campuses in North America, EMEA and Asia-Pacific. Its facilities provide the power, cooling and space in which customers install computing equipment. Investors include vehicles managed by DigitalBridge and Silver Lake, alongside AustralianSuper and PSP Investments; GIC and ADIA invested in the separately capitalised Asia-Pacific platform.",
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        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "campuses",
        "currentSummaryEvidence": {
          "tagline": "Hyperscale campuses for cloud and AI infrastructure",
          "description": "Vantage develops and operates data-center campuses in North America, EMEA and Asia-Pacific. Its facilities provide the power, cooling and space in which customers install computing equipment. Investors include vehicles managed by DigitalBridge and Silver Lake, alongside AustralianSuper and PSP Investments; GIC and ADIA invested in the separately capitalised Asia-Pacific platform.",
          "whyItMatters": "Vantage connects the construction and operation of physical campuses to cloud and AI demand. Its operating Newport campus is the site of an announced Nebius lease, while Frontier in Texas and Lighthouse in Wisconsin represent major future capacity. Those developments are relevant to future supply; their planned megawatts do not measure Vantage’s operating footprint.",
          "evidence": "company_stated",
          "sourceIds": [
            "vantage-data-centers:v-home",
            "vantage-data-centers:v-nebius-wire",
            "vantage-data-centers:v-frontier",
            "vantage-data-centers:v-lighthouse",
            "vantage-data-centers:v-apac",
            "vantage-data-centers:v-equity-2024"
          ],
          "locator": "Homepage investor and services sections; named project releases and APAC investment closing"
        },
        "currentParentDisclosure": null,
        "currentScopeGaps": [
          "Operating customer-ready IT MW, revenue, EBITDA, leased MW and backlog are not disclosed on a comparable group basis. The 9GW portfolio description is not used as operating capacity.",
          "Exact ownership stakes and complete regional capital structures are unavailable; equity investments, debt commitments and the manager’s ownership must remain separate.",
          "Oracle’s Shackelford specification matches Frontier, but the contractual tenant entity and actual first-building commissioning remain undisclosed. Oracle’s H1 2027 customer-delivery target is not interchangeable with Vantage’s original H2 2026 first-building target.",
          "The leadership page repeatedly timed out. Dated releases support the principal regional executives and newer appointments, but the complete current executive and board roster remains unconfirmed. Historical biographies and their original source dates remain labelled; inferred reporting lines were removed.",
          "Other executive roles previously listed for Michael Stoner, Christophe Strauven and Ophir Rahmani require a current primary disclosure before adding them to the chart.",
          "The homepage counters did not expose numeric values in the current extraction. The earlier campus/market/floor-area observations retain their 3 October observation date and have not been presented as freshly measured.",
          "The 23 November APAC closing date is the dateline in Vantage’s own release; other publications use 24 November. The source-local date is retained.",
          "The July ratepayer-pledge page could not be rechecked; it is not used to establish a currently fulfilled commitment."
        ]
      },
      {
        "entityId": "stack-infrastructure",
        "name": "STACK Infrastructure",
        "economicParent": "stack-infrastructure",
        "eligible": true,
        "functions": [
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "stack-infrastructure:stack-home",
          "stack-infrastructure:stack-jupiter",
          "stack-infrastructure:stack-louisiana",
          "stack-infrastructure:stack-owner"
        ],
        "roleEvidence": "STACK develops and operates wholesale data-center campuses across the Americas, EMEA and Asia-Pacific. Its portfolio disclosure combines more than 8.5GW built and under development, with a further 7.5GW of planned and potential development. These mixed-stage figures do not establish operating capacity. STACK is part of Blue Owl’s controlled digital-infrastructure portfolio.",
        "reviewFile": "infrastructure/reviews/stack-infrastructure.json",
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        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "campuses",
        "currentSummaryEvidence": {
          "tagline": "Hyperscale campus development and operations",
          "description": "STACK develops and operates wholesale data-center campuses across the Americas, EMEA and Asia-Pacific. Its portfolio disclosure combines more than 8.5GW built and under development, with a further 7.5GW of planned and potential development. These mixed-stage figures do not establish operating capacity. STACK is part of Blue Owl’s controlled digital-infrastructure portfolio.",
          "whyItMatters": "STACK supplies the physical campuses used by major cloud operators. Named projects include Oracle’s planned Stargate capacity in New Mexico and three Louisiana campuses for Amazon. Power, construction and commissioning determine when those projects become usable computing infrastructure; announced investment and development megawatts are separate from delivered supply.",
          "evidence": "company_stated",
          "sourceIds": [
            "stack-infrastructure:stack-home",
            "stack-infrastructure:stack-owner",
            "stack-infrastructure:stack-jupiter",
            "stack-infrastructure:stack-louisiana"
          ],
          "locator": "Portfolio counters; Blue Owl ownership footnote 4; named customer project releases"
        },
        "currentParentDisclosure": {
          "name": "Blue Owl Capital (funds managed by its Digital Infrastructure strategy)",
          "ticker": "OWL"
        },
        "currentScopeGaps": [
          "Operating customer-ready IT MW is not separated from development capacity. No current revenue, leased-MW total, valuation or cumulative equity total was established. Unknown values are not zero.",
          "The company team page returned HTTP 403 and further requests to that host stopped. Accessible company-distributed releases and investor/customer sources corroborate principal executives, but Brad Berkley, Phil Koen and the complete current global roster retain a historical-source qualification.",
          "The portfolio ownership disclosure says wholly owned and/or controlled; exact fund interests, co-investors and regional asset ownership remain undisclosed.",
          "The founding date is left blank because a sufficiently clear original formation record was not established in this review.",
          "TKY01’s planned first phase and the Stafford/Jupiter developments are not treated as commissioned capacity. A customer-delivery target differs from power installation and building completion.",
          "The old force-majeure allegation was based on an inaccessible article/title. It has been removed from factual company, risk and news descriptions; no conclusion about the underlying contract dispute is drawn.",
          "The August 2025 EMEA facility count is historical and has not been replaced by a fresh operating count.",
          "Amazon’s $18bn investment is an August 18 update to the February 23 announcement; the original $12bn is superseded for the expanded plan.",
          "Tokyo financing has a 22 October 2025 ET publication timestamp and 23 October Singapore dateline. Both are recorded without treating the day difference as conflicting economics."
        ]
      },
      {
        "entityId": "aligned-data-centers",
        "name": "Aligned Data Centers",
        "economicParent": "aligned-data-centers",
        "eligible": true,
        "functions": [
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "aligned-data-centers:al-caprock",
          "aligned-data-centers:al-close",
          "aligned-data-centers:al-home",
          "aligned-data-centers:al-phoenix"
        ],
        "roleEvidence": "Aligned develops and operates data centers in the United States and through ODATA in Latin America. It supplies powered buildings, cooling and campus delivery for cloud and AI customers. Its disclosed 6.4GW combines operating and planned capacity across 51 campuses. A consortium of AIP, MGX and BlackRock’s GIP acquired all equity in July 2026 at an enterprise value of approximately $40 billion.",
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        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "campuses",
        "currentSummaryEvidence": {
          "tagline": "Hyperscale campuses in the Americas",
          "description": "Aligned develops and operates data centers in the United States and through ODATA in Latin America. It supplies powered buildings, cooling and campus delivery for cloud and AI customers. Its disclosed 6.4GW combines operating and planned capacity across 51 campuses. A consortium of AIP, MGX and BlackRock’s GIP acquired all equity in July 2026 at an enterprise value of approximately $40 billion.",
          "whyItMatters": "The company combines campus development with cooling systems and dedicated power projects. Its operating business is established, while Caprock and Phoenix represent future supply. Separating those stages is necessary to assess its current contribution to AI infrastructure.",
          "evidence": "company_stated",
          "sourceIds": [
            "aligned-data-centers:al-close",
            "aligned-data-centers:al-home",
            "aligned-data-centers:al-caprock",
            "aligned-data-centers:al-phoenix"
          ],
          "locator": "Acquisition close; portfolio disclosure; project descriptions"
        },
        "currentParentDisclosure": {
          "name": "AI Infrastructure Partnership (AIP), MGX and BlackRock's Global Infrastructure Partners (consortium)",
          "ticker": null
        },
        "currentScopeGaps": [
          "In-service IT MW, portfolio revenue, EBITDA, leased MW and customer concentration were not disclosed in the inspected sources. Missing values do not imply zero activity.",
          "The post-acquisition board and exact consortium stakes are undisclosed; enterprise value is not an equity funding round. Financing commitments and issuance are not summed into net debt or total equity raised.",
          "Founding year remains unavailable from a sufficiently precise formation record. The About page’s relative age statements do not determine a date.",
          "A later commissioning confirmation for Lambda’s DFW-04 and the planned Calibrant battery installation was not established. Caprock and Phoenix remain future developments.",
          "The 2GW Phoenix headline does not clearly reconcile generation capacity with IT capacity. The 6.4GW portfolio measure mixes stages.",
          "Current titles were checked for 17 leaders. Detailed career histories, most appointment dates, and most reporting lines remain undisclosed in the reviewed evidence. Official headshots exist, but image publication rights and assets were not added in this review.",
          "The $630m ODATA first-phase investment accompanies installation and testing; no audited split between cooling equipment and wider campus investment was established.",
          "Renewable-energy matching claims do not establish uninterrupted physical carbon-free supply."
        ]
      },
      {
        "entityId": "qts",
        "name": "QTS",
        "economicParent": "qts",
        "eligible": true,
        "functions": [
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          "wholesale",
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        ],
        "sourceIds": [
          "qts:qts-ceos",
          "qts:qts-innovation",
          "qts:qts-lancium",
          "qts:qts-owner",
          "qts:qts-sr2025"
        ],
        "roleEvidence": "QTS develops and operates data centers in North America and Europe for cloud, enterprise and government customers. Its 2025 report records more than 4.8GW of critical power under customer contract, a measure that includes future delivery rather than only operating capacity. Blackstone-managed funds acquired the former listed REIT in 2021. Tag Greason and David Robey now lead the business jointly.",
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        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "campuses",
        "currentSummaryEvidence": {
          "tagline": "Hyperscale and enterprise data-center campuses",
          "description": "QTS develops and operates data centers in North America and Europe for cloud, enterprise and government customers. Its 2025 report records more than 4.8 GW of critical power under customer contract, a measure that includes future delivery rather than only operating capacity. Blackstone-managed funds acquired the former listed REIT in 2021. Tag Greason and David Robey now lead the business jointly.",
          "whyItMatters": "QTS supplies buildings, power infrastructure, cooling and connectivity at a scale relevant to large AI deployments. Its standard campus design supports repeat construction, while new developments require power, permitting and customer delivery. Contracted capacity indicates demand; commissioned capacity measures supply already available.",
          "evidence": "company_stated",
          "sourceIds": [
            "qts:qts-sr2025",
            "qts:qts-owner",
            "qts:qts-ceos",
            "qts:qts-innovation",
            "qts:qts-lancium"
          ],
          "locator": "Report pp5–9; acquisition and succession releases; products and project disclosure"
        },
        "currentParentDisclosure": {
          "name": "Blackstone (Blackstone Infrastructure Partners and BREIT)",
          "ticker": "BX"
        },
        "currentScopeGaps": [
          "Current in-service IT MW, utilization, audited revenue/EBITDA, customer concentration and exact fund stakes remain unavailable. Contracted MW is not operating MW.",
          "The leadership page states more than $3 bn annual leasing revenue without an accounting period or definition. It is disclosed as a company description and excluded from a precise revenue ranking.",
          "The current board roster and the executives’ reporting allocation between the two co-CEOs are not disclosed. The report describes some positions reporting to both CEOs; the single-parent chart field is left empty.",
          "The Richmond timetable was read from indexed primary content; direct requests timed out and stopped. Its latest dynamic status cannot be independently confirmed through the direct page.",
          "Cedar Rapids commissioning was not established. The May construction timetable is not proof of completion; Cambois 720 MW is a full-build projection.",
          "The report’s assurance covers specified environmental indicators, not every narrative, capacity figure or financing claim. Water-free cooling excludes construction filling, maintenance, humidification and customer-controlled liquid cooling.",
          "Image URLs retained from the previous packet were not individually re-fetched. Current portraits appear on the official roster; reuse rights remain unconfirmed.",
          "The historical DCD debt item was not rechecked because that source had returned 403. It is not used in this packet."
        ]
      },
      {
        "entityId": "airtrunk",
        "name": "AirTrunk",
        "economicParent": "airtrunk",
        "eligible": true,
        "functions": [
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "airtrunk:at-close",
          "airtrunk:at-humain",
          "airtrunk:at-investors",
          "airtrunk:at-johor",
          "airtrunk:at-lumina"
        ],
        "roleEvidence": "AirTrunk develops and operates campuses for cloud and AI tenants. Its April 2026 disclosure described more than 3.3GW of operating and planned capacity across 22 campuses, including the acquired Lumina development pipeline in India. That figure does not measure capacity already in service. A Blackstone-led consortium with CPP Investments completed its acquisition in December 2024; founder Robin Khuda remains an investor and CEO.",
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        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "campuses",
        "currentSummaryEvidence": {
          "tagline": "Hyperscale data-center campuses across Asia-Pacific",
          "description": "AirTrunk develops and operates campuses for cloud and AI tenants. Its April 2026 disclosure described more than 3.3GW of operating and planned capacity across 22 campuses, including the acquired Lumina development pipeline in India. That figure does not measure capacity already in service. A Blackstone-led consortium with CPP Investments completed its acquisition in December 2024; founder Robin Khuda remains an investor and CEO.",
          "whyItMatters": "AirTrunk supplies the powered and cooled facilities needed for regional cloud and AI deployment. Existing campuses and contracted expansions establish its commercial role. New projects in India and Saudi Arabia extend its development pipeline but are not counted as current supply.",
          "evidence": "company_stated",
          "sourceIds": [
            "airtrunk:at-johor",
            "airtrunk:at-lumina",
            "airtrunk:at-close",
            "airtrunk:at-investors",
            "airtrunk:at-humain"
          ],
          "locator": "Portfolio scope, acquisition closing and development announcements"
        },
        "currentParentDisclosure": {
          "name": "Blackstone (with CPP Investments)",
          "ticker": "BX"
        },
        "currentScopeGaps": [
          "Current in-service IT MW, occupied MW, audited revenue and tenant concentration are not disclosed in the sources reviewed. Portfolio and campus maxima include future phases.",
          "CPP’s 12% interest is substantiated for fiscal 2025; subsequent dilution or changes to the Blackstone and founder split were not established.",
          "The current directors and executive reporting lines are not published in the sources reviewed. Four senior advisers are listed separately on the company site; advisory positions are not classified as board seats.",
          "The relationship between the March and October TOK1 facilities is not fully disclosed. They are not added together as net new financing.",
          "Saudi campus commissioning and capacity, and approval and IT load for Kurri Kurri, remain unconfirmed. The June Mulwala announcement does not prove later commissioning.",
          "An October 13 media report concerns a possible postponed Singapore REIT IPO. Direct Yahoo retrieval returned 429 and stopped; no completed listing or financing is inferred.",
          "Existing executive photographs are preserved with their original provenance; reuse rights remain unconfirmed."
        ]
      },
      {
        "entityId": "dayone",
        "name": "DayOne",
        "economicParent": "dayone",
        "eligible": true,
        "functions": [
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "dayone:d1-home",
          "dayone:d1-ipo",
          "dayone:d1-oct-update"
        ],
        "roleEvidence": "DayOne builds and operates data centers, with its main regional cluster in Singapore, Johor and Batam. In October 2026 it reported more than 1GW of income-generating customer commitments and approximately 2.3GW of total bookings. These are distinct from the capacity still under construction or held for development. The company filed for a US initial public offering in October; the reviewed disclosures do not establish a completed listing.",
        "reviewFile": "infrastructure/reviews/dayone.json",
        "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "campuses",
        "currentSummaryEvidence": {
          "tagline": "Hyperscale campuses connecting Southeast Asia with other cloud markets",
          "description": "DayOne builds and operates data centers, with its main regional cluster in Singapore, Johor and Batam. In October 2026 it reported more than 1GW of income-generating customer commitments and approximately 2.3GW of total bookings. These are distinct from the capacity still under construction or held for development. The company filed for a US initial public offering in October; the reviewed disclosures do not establish a completed listing.",
          "whyItMatters": "Its campuses provide the electrical infrastructure, cooling and connectivity required for large cloud and AI deployments. Its operational presence establishes its current role; future projects extend that role only when delivered.",
          "evidence": "company_stated",
          "sourceIds": [
            "dayone:d1-home",
            "dayone:d1-oct-update",
            "dayone:d1-ipo"
          ],
          "locator": "Current business description, October operating definitions and IPO filing announcement"
        },
        "currentParentDisclosure": null,
        "currentScopeGaps": [
          "A completed IPO, final offer price and actively traded DODC security were not established. The entity remains classified as private.",
          "The registration statement was partially retrieved through managed browsing. A subsequent direct SEC download returned 403 and stopped; the complete filing and all risk disclosures were not reviewed.",
          "The exact current GDS percentage and full post-financing capitalization table were not reconciled. April ownership is dated, rather than presented as current.",
          "Individual customer names, revenue concentration, portfolio occupancy and country-level financial contributions were not established in the retrieved excerpts.",
          "Current SG1, Tokyo, Kabil and Kyushu completion must be checked against dated commissioning announcements; power contracts and land reservations do not prove operation.",
          "Executive reporting relationships are not disclosed. Three company advisers are not classified as directors. Existing photographs retain original provenance; reuse rights are unconfirmed."
        ]
      },
      {
        "entityId": "cyrusone",
        "name": "CyrusOne",
        "economicParent": "cyrusone",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "cyrusone:c1-abbott",
          "cyrusone:c1-close",
          "cyrusone:c1-eolian",
          "cyrusone:c1-report"
        ],
        "roleEvidence": "CyrusOne develops and operates facilities for cloud, AI and enterprise customers. Its 2026 sustainability report describes more than 60 operating facilities and over 1GW of critical IT load capacity, while Japanese expansion remains under development. Funds managed by KKR and Global Infrastructure Partners completed the take-private in March 2022.",
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "packetSha256": "e2d695cad350b750f1b43010c037c153ccf9a488aa498b90a395d807dded0d47",
        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "campuses",
        "currentSummaryEvidence": {
          "tagline": "Hyperscale and colocation campuses in the US and Europe",
          "description": "CyrusOne develops and operates facilities for cloud, AI and enterprise customers. Its 2026 sustainability report describes more than 60 operating facilities and over 1GW of critical IT load capacity, while Japanese expansion remains under development. Funds managed by KKR and Global Infrastructure Partners completed the take-private in March 2022.",
          "whyItMatters": "Its existing campuses provide powered, cooled space for customer equipment. Texas developments combine land and electrical infrastructure near power plants or battery sites, but still depend on construction and electricity-service approvals.",
          "evidence": "company_stated",
          "sourceIds": [
            "cyrusone:c1-report",
            "cyrusone:c1-close",
            "cyrusone:c1-eolian",
            "cyrusone:c1-abbott"
          ],
          "locator": "Operating footprint, ownership closing and project-delivery conditions"
        },
        "currentParentDisclosure": {
          "name": "KKR and Global Infrastructure Partners (part of BlackRock)",
          "ticker": null
        },
        "currentScopeGaps": [
          "Exact current operating and occupied IT MW, tenant concentration, financial statements, debt drawn and fund ownership percentages were not disclosed in the reviewed sources. The >1GW CLC disclosure is a lower bound, not a point estimate.",
          "A full board roster and executive reporting lines were not established. Hatem’s board appointment is explicit; quoted investment-firm partners are not assumed to be directors.",
          "Current DFW7 and DFW10 commissioning were not established. Initial delivery targets are retained as targets.",
          "The 2026 sustainability report covers 2025 and uses nine months measured plus three months projected data for most categories. Its environmental assurance does not verify all company claims or financial information.",
          "A cybersecurity allegation appeared in search results but no issuer or regulator confirmation was established. It is not presented as a confirmed breach.",
          "Existing headshots retain their original provenance; reuse rights are unconfirmed."
        ]
      },
      {
        "entityId": "gds",
        "name": "GDS",
        "economicParent": "gds",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "gds:gds-fy25",
          "gds:gds-h126"
        ],
        "roleEvidence": "GDS develops and operates data centres for cloud providers, internet businesses and enterprises in China. It supplies powered space and operational infrastructure while customers deploy their computing equipment. The group reports 684,977 square metres in service at June 2026. Its separately accounted minority investment in DayOne does not make DayOne’s overseas capacity part of this operating footprint.",
        "reviewFile": "applications/reviews/gds.json",
        "packetSha256": "8210ccefd7751f502d6df14bc55b879a08aea677168fcbeef51da396b32c4119",
        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "campuses",
        "currentSummaryEvidence": {
          "tagline": "Carrier-neutral data-centre infrastructure in China",
          "description": "GDS develops and operates data centres for cloud providers, internet businesses and enterprises in China. It supplies powered space and operational infrastructure while customers deploy their computing equipment. The group reports 684,977 square metres in service at June 2026. Its separately accounted minority investment in DayOne does not make DayOne’s overseas capacity part of this operating footprint.",
          "whyItMatters": "GDS provides substantial commercial data-centre capacity in a market that is poorly represented by a roster drawn only from North American and European operators. Operating area, utilisation and service revenue establish its current role; an undisclosed conversion from floor area to IT megawatts would create false precision.",
          "evidence": "company_stated",
          "sourceIds": [
            "gds:gds-h126",
            "gds:gds-fy25"
          ]
        },
        "currentParentDisclosure": null,
        "currentScopeGaps": [
          "Current IT-load megawatts and a defensible conversion from reported operating area are unavailable in the inspected sources.",
          "AI-specific revenue, current named customer concentration and supplier expenditure shares were not established.",
          "Full current biographies for Zulkifli Baharudin, Chang Sun and Judy Qing Ye remain unavailable; all eleven board members are accounted for including the chairman.",
          "The exact current DayOne equity percentage and a complete current economic cap table were not established. Historical holdings retain their observation dates.",
          "The legal incorporation date was not established; the issuer’s 25-year operating history is not substituted for an exact founding date.",
          "GDS investor host returned HTTP403 during annual-report retrieval. Previously read management, board and Q2 material was retained; independent HKEX announcements and a separately filed interim report supply the reviewed evidence. No blocked annual file was retrieved elsewhere."
        ]
      },
      {
        "entityId": "vnet",
        "name": "VNET",
        "economicParent": "vnet",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "vnet:vnet-20f25",
          "vnet:vnet-q226"
        ],
        "roleEvidence": "VNET provides powered facilities and network connectivity for customers’ servers, alongside cloud and VPN services. At June 2026 it reported 1,007 MW of wholesale capacity in service and 50,081 retail cabinets. These are separate operating measures. The listed Cayman holding company consolidates Chinese operations through subsidiaries and contractual VIE arrangements; shareholders do not directly own the VIE equity.",
        "reviewFile": "applications/reviews/vnet.json",
        "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "campuses",
        "currentSummaryEvidence": {
          "tagline": "China data-centre operator spanning wholesale campuses, retail colocation and cloud services",
          "description": "VNET provides powered facilities and network connectivity for customers’ servers, alongside cloud and VPN services. At June 2026 it reported 1,007 MW of wholesale capacity in service and 50,081 retail cabinets. These are separate operating measures. The listed Cayman holding company consolidates Chinese operations through subsidiaries and contractual VIE arrangements; shareholders do not directly own the VIE equity.",
          "whyItMatters": "VNET brings a substantial commercial China footprint to the campus comparison. Wholesale capacity, occupied power, retail cabinets and disclosed IDC revenue provide evidence of activity, while its cloud-resale business and construction pipeline must remain outside a simple operating-capacity ranking.",
          "evidence": "filing",
          "sourceIds": [
            "vnet:vnet-20f25",
            "vnet:vnet-q226"
          ]
        },
        "currentParentDisclosure": null,
        "currentScopeGaps": [
          "No defensible conversion from retail cabinets to IT megawatts is available; wholesale MW and retail cabinets remain separate.",
          "The wholesale MW disclosure does not fully reconcile all design-load conventions with every other operator; only a narrowly scoped capacity comparison is possible.",
          "AI-specific revenue, current named customer concentration and supplier spending are not disclosed in the inspected sources.",
          "A complete post-September voting-power table and any resulting board changes require later evidence; the annual board roster is preserved with its April source date.",
          "Qiyu Wang left the CFO role April 30. Peter Zhang is identified as principal financial/accounting officer, but a new formal CFO appointment was not established.",
          "Current biography for Xiaomang Li is only partially available in the captured management page.",
          "VNET’s IR main host timed out and its GCS host later returned HTTP403. Previously read Q2 and management pages were retained; the annual filing and independently syndicated issuer releases provided the remaining evidence."
        ]
      },
      {
        "entityId": "sttgdc",
        "name": "ST Telemedia Global Data Centres",
        "economicParent": "sttgdc",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "sttgdc:stt-agreement",
          "sttgdc:stt-completion",
          "sttgdc:stt-operating"
        ],
        "roleEvidence": "STTGDC provides colocation, connectivity and operating support for cloud providers and enterprises. Its September 2026 update reported 780 MW of operational capacity for June 2026, separately from nearly 2 GW of powered land for construction and future development. A KKR-led consortium completed its acquisition in August 2026. Private ownership does not prevent assessment of its operating role, although current group revenue and a fully reconciled capacity definition are not publicly available in the inspected materials.",
        "reviewFile": "infrastructure/reviews/sttgdc.json",
        "packetSha256": "e8f155cf9625b430984863c468689cabd2144e9854d65bd293bcc8b8821df19e",
        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "campuses",
        "currentSummaryEvidence": {
          "tagline": "Operates commercial data centres across Asia and Europe, including the VIRTUS platform.",
          "description": "STTGDC provides colocation, connectivity and operating support for cloud providers and enterprises. Its September 2026 update reported 780 MW of operational capacity for June 2026, separately from nearly 2 GW of powered land for construction and future development. A KKR-led consortium completed its acquisition in August 2026. Private ownership does not prevent assessment of its operating role, although current group revenue and a fully reconciled capacity definition are not publicly available in the inspected materials.",
          "whyItMatters": "The platform supplies third-party facilities in Asian and European markets where operators must coordinate power access, cooling and construction. Operational capacity establishes a substantial commercial footprint; development land, design capacity and regional portfolio totals cannot be added to that footprint as delivered supply.",
          "evidence": "company_stated",
          "sourceIds": [
            "sttgdc:stt-completion",
            "sttgdc:stt-operating",
            "sttgdc:stt-agreement"
          ],
          "locator": "Completion filing; operating update and footnote 1; February announcement section 4"
        },
        "currentParentDisclosure": {
          "name": "Opal Bidco Pte. Ltd. (KKR-managed funds 75%; Singtel 25% indirectly)",
          "ticker": null
        },
        "currentScopeGaps": [
          "Current financial statements, revenue by service, margins, cash flow and a reconciled debt register were not available in the inspected public materials.",
          "Named commercial tenants, contract values, revenue concentrations and equipment suppliers were not established; none are inferred from general hyperscaler demand.",
          "The post-acquisition legal board has not been reconciled. Indexed leadership text retains seller-affiliated board entries; these are not silently certified as current directors. Executive biographies are supported by indexed issuer text, not a successful fresh live-page retrieval.",
          "Operational capacity lacks a full IT/facility-power and gross/attributable reconciliation; the conflicting December 2025 baseline remains unresolved.",
          "Live STTGDC and former company-domain requests returned HTTP 403 and stopped. Acquisition and operating details were obtained independently from Singtel’s accessible exchange filings; limited indexed issuer text is explicitly identified."
        ]
      },
      {
        "entityId": "crusoe",
        "name": "Crusoe",
        "economicParent": "crusoe",
        "eligible": true,
        "functions": [
          "wholesale"
        ],
        "sourceIds": [
          "crusoe:cr-abilene-msft",
          "crusoe:cr-armstrong",
          "crusoe:cr-seriesf",
          "crusoe:cr-tml"
        ],
        "roleEvidence": "Crusoe develops campuses for cloud customers and operates its own GPU and inference platform. In September2026 it reported more than6 GW of gross contracted capacity, including1 GW delivered and operational across its data-center and cloud portfolio. Its SeriesF announcement disclosed an initial closing at a $30.9 billion post-money valuation; the anticipated full round was $3.9 billion.",
        "reviewFile": "infrastructure/reviews/crusoe.json",
        "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "cloud",
        "currentSummaryEvidence": {
          "tagline": "AI data-center development, equipment manufacturing and GPU cloud services.",
          "description": "Crusoe develops campuses for cloud customers and operates its own GPU and inference platform. In September 2026 it reported more than 6 GW of gross contracted capacity, including 1 GW delivered and operational across its data-center and cloud portfolio. Its Series F announcement disclosed an initial closing at a $30.9 billion post-money valuation; the anticipated full round was $3.9 billion.",
          "whyItMatters": "Crusoe connects power development, campus construction and cloud operation. Its delivered facilities serve hyperscale customers, while its cloud serves model developers. The same campus may appear in a tenant’s cloud footprint, so the two companies’ capacity measures are not added as independent supply.",
          "evidence": "company_stated",
          "sourceIds": [
            "crusoe:cr-seriesf",
            "crusoe:cr-abilene-msft",
            "crusoe:cr-armstrong",
            "crusoe:cr-tml"
          ],
          "locator": "Portfolio figures and named customer announcements"
        },
        "currentParentDisclosure": null,
        "currentScopeGaps": [
          "Recognized revenue, margins, debt balances and current cloud-only operating IT capacity are undisclosed. Missing values are not zero.",
          "The reported 1 GW operating portfolio is gross and combines campus and cloud activity; an allocation to each business was not established.",
          "The amounts funded at the Series E and F initial closings and cumulative equity proceeds were not disclosed.",
          "The complete capitalization table and investor percentages are private.",
          "The March 2025 NYDIG announcement was conditional. A separate closing confirmation was not established, so the summary no longer presents the transaction as completed.",
          "Several historical supplier and power-partnership announcements retain their original dates. Delivery of the entire announced turbine, engine, UPS or nuclear program was not established.",
          "The current directory establishes additional executive titles, but detailed biographies and appointment dates are unavailable for several officers.",
          "Jane Street contract and Boom-turbine cancellation claims remain attributed to dated reporting and were not independently confirmed by a new issuer publication."
        ]
      },
      {
        "entityId": "cipher-digital",
        "name": "Cipher Digital",
        "economicParent": "cipher-digital",
        "eligible": null,
        "functions": [],
        "sourceIds": [
          "cipher-digital:cifr-fy-deck",
          "cipher-digital:cifr-oct-deck",
          "cipher-digital:cifr-q2"
        ],
        "roleEvidence": "HPC leases and construction are documented; Q2 revenue remains bitcoin mining. Latest inspected material expects first Barber Lake delivery in Q4. Actual HPC delivery by review date is not established, rather than assumed zero.",
        "reviewFile": "infrastructure/reviews/cipher-digital.json",
        "packetSha256": "5fcc635c47506a2f9f785cd2d3df6a504ca59a96c6468afef0596fa7aa46d284",
        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "campuses",
        "currentSummaryEvidence": {
          "tagline": "Powered-land developer converting mining infrastructure into leased AI campuses",
          "description": "Cipher Digital develops data centers for hyperscale and AI tenants while operating its remaining bitcoin-mining site at Odessa. It has 700MW of gross capacity under three HPC leases, a contractual measure rather than delivered IT capacity. Initial Black Pearl capacity began earning rent in August 2026; the balance remains under development. Its October presentation identifies a 3.4GW near-term grid pipeline, separately from proposed on-site generation.",
          "whyItMatters": "Cipher connects power origination, construction and long-term campus leases. Its role is the provision of physical infrastructure, rather than the sale of models or GPU cloud services. The transition is financially significant but incomplete: Q2 revenue came from bitcoin mining, and major AI projects still depend on construction, tenant acceptance and financing.",
          "evidence": "inference",
          "sourceIds": [
            "cipher-digital:cifr-q2",
            "cipher-digital:cifr-oct-deck",
            "cipher-digital:cifr-fy-deck"
          ],
          "locator": "Quarterly results; October presentation pp7–14; February presentation pp10–12"
        },
        "currentParentDisclosure": null,
        "currentScopeGaps": [
          "Delivered and occupied HPC IT MW are not disclosed as a single current total. The 700MW figure is contracted gross capacity.",
          "The October 3.4GW near-term grid pipeline is not fully reconciled to the website’s 4.4GW wider pipeline; no arbitrary subtraction or conversion is used.",
          "The third hyperscaler and Barber Lake’s subsequent-term AI lab remain unnamed. Anthropic’s water commitment is not sufficient evidence to identify the latter.",
          "A current fully diluted cap table, all institutional holders, and Google warrant exercise/adjustment status were not established. October equity issuance means earlier ownership percentages are historical.",
          "The public company page supplies ten named executive/director biographies; the full proxy roster, individual reporting lines and any omitted director departure were not independently reconciled.",
          "The issuer IR document endpoint returned HTTP 403 and the Yahoo filing mirror returned HTTP 429; requests to those hosts stopped. Original filing text was inspected through legitimate public mirrors. The October 20 calendar release was available as indexed issuer text; its direct wire page timed out."
        ]
      },
      {
        "entityId": "iren",
        "name": "IREN",
        "economicParent": "iren",
        "eligible": null,
        "functions": [],
        "sourceIds": [
          "iren:ir-fy26",
          "iren:ir-horizon1",
          "iren:ir-mirantis"
        ],
        "roleEvidence": "Horizon 1 delivered 50 MW to Microsoft; reported AI Cloud revenue establishes operation. The independent third-party landlord/colocation role is not separated from equipment-backed cloud services. Retained as a boundary candidate.",
        "reviewFile": "infrastructure/reviews/iren.json",
        "packetSha256": "31e1905ace589290795b3b66dbe2d6ee3fcbf4d696efe4d0f22428a784bc942c",
        "screenStatus": "Full company research with matching source/consistency review; commercial role evaluated separately",
        "sourceReviewHashMatched": true,
        "currentPacketHomeSublayer": "cloud",
        "currentSummaryEvidence": {
          "tagline": "Owned data centers and GPU cloud services alongside a declining mining business.",
          "description": "IREN develops data centers and rents GPU capacity for AI workloads. AI Cloud Services generated $128.8 million in the year to June 2026, compared with $578.2 million from bitcoin mining. Its first 50 MW IT deployment for Microsoft was delivered in August. Mirantis, acquired that month, adds cloud software and orchestration.",
          "whyItMatters": "IREN connects land, grid infrastructure, data-center operation and GPU services within one company. Its AI role is established by delivered customer capacity and recognized cloud revenue. The wider power portfolio includes mining sites and future developments, so it is not treated as operating AI capacity.",
          "evidence": "company_stated",
          "sourceIds": [
            "iren:ir-fy26",
            "iren:ir-horizon1",
            "iren:ir-mirantis"
          ],
          "locator": "FY26 segment results; delivered Horizon1; completed software acquisition"
        },
        "currentParentDisclosure": null,
        "currentScopeGaps": [
          "Current executive and full-board rosters could not be re-opened because the issuer website returned HTTP403. Prior confirmed officers retain their original sources; dated July appointments are independently available on the newswire.",
          "No current fleet-wide operating AI IT capacity or GPU utilization figure was established. The 810 MW historical operational portfolio includes non-AI activity.",
          "The $5.1 billion RPO value remains a historical filing-note extraction; the full annual filing was not freshly retrieved.",
          "Current customer revenue concentration and beneficial ownership were not established.",
          "The $4 billion year-end ARR target depends on commissioning, utilization and acceptance. It is not forecast GAAP revenue and is not directly comparable to another provider’s last-month-revenue ARR."
        ]
      },
      {
        "entityId": "princeton-digital-group",
        "name": "Princeton Digital Group",
        "economicParent": "princeton-digital-group",
        "eligible": true,
        "functions": [
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "CP21",
          "CP22"
        ],
        "roleEvidence": "Current Asian operation;1.8+GW includes development. October portfolio divestment completion requires reconciliation.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "data4",
        "name": "Data4",
        "economicParent": "data4",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "CP25"
        ],
        "roleEvidence": "Commercial European campuses;1.5GW available energy is not operating IT.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "chindata",
        "name": "Chindata",
        "economicParent": "chindata",
        "eligible": true,
        "functions": [
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "CP26"
        ],
        "roleEvidence": "Current commercial China campuses; Bridge Data Centres ownership/asset boundary requires reconciliation.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "databank",
        "name": "DataBank",
        "economicParent": "databank",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "CP27"
        ],
        "roleEvidence": "Colocation and interconnection;1 GW counter stage/date unresolved.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "global-switch",
        "name": "Global Switch",
        "economicParent": "global-switch",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "CP28"
        ],
        "roleEvidence": "Commercial cloud/carrier-neutral facilities; older regional holdings may have been divested.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "yondr",
        "name": "Yondr",
        "economicParent": "yondr",
        "eligible": true,
        "functions": [
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "CP23",
          "CP24"
        ],
        "roleEvidence": "Operating hyperscale supplier; sold Johor asset must not duplicate Vantage. Historical team delivery experience is not owned stock.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "telehouse-kddi",
        "name": "Telehouse/KDDI",
        "economicParent": "telehouse-kddi",
        "eligible": true,
        "functions": [
          "retail",
          "regional"
        ],
        "sourceIds": [
          "CP29"
        ],
        "roleEvidence": "Current colocation and NYIIX interconnection role; KDDI telecom revenue excluded.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "keppel-data-centres",
        "name": "Keppel Data Centres",
        "economicParent": "keppel-data-centres",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "CP30"
        ],
        "roleEvidence": "Commercial facilities with operator,REIT and bare-shell ownership boundaries unresolved.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "nextdc",
        "name": "NEXTDC",
        "economicParent": "nextdc",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "C35"
        ],
        "roleEvidence": "Current Australia-led operating and billing capacity; growth commitments explicitly separate.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "switch",
        "name": "Switch",
        "economicParent": "switch",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "C36"
        ],
        "roleEvidence": "Current commercial US campus operator; operating IT aggregate unavailable.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "ctrls",
        "name": "CtrlS",
        "economicParent": "ctrls",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "C37"
        ],
        "roleEvidence": "Current India colocation and customers; future Hyderabad campus not current supply.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "colt-dcs",
        "name": "Colt Data Centre Services",
        "economicParent": "colt-dcs",
        "eligible": true,
        "functions": [
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "C38"
        ],
        "roleEvidence": "15 current sites separately from12 development sites.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "macquarie-data-centres",
        "name": "Macquarie Data Centres",
        "economicParent": "macquarie-data-centres",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "C39"
        ],
        "roleEvidence": "Commercial Australian sovereign and enterprise colocation; unrelated to Macquarie Asset Management.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "nxtra",
        "name": "Nxtra",
        "economicParent": "nxtra",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "C40"
        ],
        "roleEvidence": "Indian hyperscale and edge operation; total power not critical IT.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "adani-connex",
        "name": "AdaniConneX",
        "economicParent": "adani-connex",
        "eligible": true,
        "functions": [
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "C41"
        ],
        "roleEvidence": "Indian JV supplier; assets must be reconciled with EdgeConneX before additive physical totals.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "sify",
        "name": "Sify",
        "economicParent": "sify",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "C42"
        ],
        "roleEvidence": "Current commercial Indian colocation; available capacity is not total capacity.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "core-scientific",
        "name": "Core Scientific",
        "economicParent": "core-scientific",
        "eligible": true,
        "functions": [
          "wholesale"
        ],
        "sourceIds": [
          "C33"
        ],
        "roleEvidence": "Current billing colocation and recognized revenue; mining excluded.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "applied-digital",
        "name": "Applied Digital",
        "economicParent": "applied-digital",
        "eligible": true,
        "functions": [
          "wholesale"
        ],
        "sourceIds": [
          "C34"
        ],
        "roleEvidence": "Delivered Polaris Forge 1 and base rent establish commercial activity; future leases excluded.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "atnorth",
        "name": "atNorth",
        "economicParent": "atnorth",
        "eligible": true,
        "functions": [
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "CP20"
        ],
        "roleEvidence": "Eight operating Nordic centers; independently operated under CPP control, not consolidated with minority Equinix stake.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "cdc-data-centres",
        "name": "CDC Data Centres",
        "economicParent": "cdc-data-centres",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "C46"
        ],
        "roleEvidence": "Current secure Australian/New Zealand facilities.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "bdx",
        "name": "BDx Data Centers",
        "economicParent": "bdx",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "C47"
        ],
        "roleEvidence": "Current Asia-Pacific colocation; mixed-stage capacity and grid reservation excluded from operating comparison.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "edgecore",
        "name": "EdgeCore Digital Infrastructure",
        "economicParent": "edgecore",
        "eligible": true,
        "functions": [
          "wholesale"
        ],
        "sourceIds": [
          "C48"
        ],
        "roleEvidence": "Current single-tenant hyperscale operator;2.27GW mixed portfolio excluded from operating comparison.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "coresite",
        "name": "CoreSite / American Tower",
        "economicParent": "coresite",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "C49",
          "C50"
        ],
        "roleEvidence": "Current retail/interconnection business under American Tower with minority Stonepeak ownership.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "galaxy-data-centers",
        "name": "Galaxy data-center business",
        "economicParent": "galaxy-data-centers",
        "eligible": true,
        "functions": [
          "wholesale"
        ],
        "sourceIds": [
          "C51"
        ],
        "roleEvidence": "Helios delivered133 MW critical IT; digital-asset revenue and approved future power excluded.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "scala",
        "name": "Scala Data Centers",
        "economicParent": "scala",
        "eligible": true,
        "functions": [
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "C52"
        ],
        "roleEvidence": "Latin American commercial operator; dated operating total needs refresh before ordinal comparison.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "ascenty",
        "name": "Ascenty",
        "economicParent": "digital-realty / brookfield-jv",
        "eligible": true,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "C53",
          "digital-realty:dlr-q2-deck"
        ],
        "roleEvidence": "JV operating assets already overlap Digital Realty gross physical footprint. Retained as operating unit and regional evidence; not a second additive selected supplier.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "iron-mountain-data-centers",
        "name": "Iron Mountain Data Centers",
        "economicParent": "iron-mountain-data-centers",
        "eligible": null,
        "functions": [
          "retail",
          "wholesale",
          "regional"
        ],
        "sourceIds": [
          "CP32"
        ],
        "roleEvidence": "528.5 MW operating-leasable is a strong discovery lead, but only primary search-result text was read. Full body support remains pending; no zero or inferiority inference.",
        "screenStatus": "Partial primary disclosure; full source acceptance pending"
      },
      {
        "entityId": "china-telecom",
        "name": "China Telecom",
        "economicParent": "china-telecom",
        "eligible": null,
        "functions": [],
        "sourceIds": [
          "CP31"
        ],
        "roleEvidence": "Nearly8 GW total power and16 100 MW-level campuses include cloud/captive/commercial activity. Third-party landlord scope is unresolved; parent telecom revenue excluded.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "esr",
        "name": "ESR",
        "economicParent": "esr",
        "eligible": null,
        "functions": [],
        "sourceIds": [
          "C43"
        ],
        "roleEvidence": "Past scheduled delivery is not proof of current commercial operation; retained for completion evidence.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "terawulf",
        "name": "TeraWulf",
        "economicParent": "terawulf",
        "eligible": null,
        "functions": [],
        "sourceIds": [
          "C44"
        ],
        "roleEvidence": "Current relevant delivered HPC footprint not established from inspected overview; not assumed zero.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "hut8",
        "name": "Hut 8",
        "economicParent": "hut8",
        "eligible": null,
        "functions": [],
        "sourceIds": [
          "C45"
        ],
        "roleEvidence": "Integrated energy/compute operation; third-party campus versus cloud/mining role not sufficiently reconciled.",
        "screenStatus": "Independent challenger screen"
      },
      {
        "entityId": "china-mobile",
        "name": "China Mobile",
        "economicParent": "china-mobile",
        "eligible": null,
        "functions": [],
        "sourceIds": [],
        "roleEvidence": "Issuer returned403; stopped. Candidate remains unresolved, not assigned zero. A large carrier infrastructure portfolio cannot be equated to third-party colocation.",
        "screenStatus": "Access boundary; unresolved current scope"
      },
      {
        "entityId": "china-unicom",
        "name": "China Unicom",
        "economicParent": "china-unicom",
        "eligible": null,
        "functions": [],
        "sourceIds": [],
        "roleEvidence": "Issuer timed out; stopped. Search leads on cabinet totals do not establish accepted comparable campus capacity.",
        "screenStatus": "Access boundary; unresolved current scope"
      },
      {
        "entityId": "edgeconnex",
        "name": "EdgeConneX",
        "economicParent": "edgeconnex",
        "eligible": null,
        "functions": [],
        "sourceIds": [
          "C41"
        ],
        "roleEvidence": "Issuer403 stopped; Adani partner evidence supports discovery but does not establish a separate non-overlapping global operating measure.",
        "screenStatus": "Independent partner evidence; direct source access boundary"
      },
      {
        "entityId": "ovhcloud",
        "name": "OVHcloud",
        "economicParent": "ovhcloud",
        "eligible": null,
        "functions": [],
        "sourceIds": [],
        "roleEvidence": "Primarily a cloud-provider comparison candidate. Separate third-party landlord supply not established in campus screen; captive cloud facilities excluded from campus totals.",
        "screenStatus": "Boundary candidate"
      }
    ],
    "limitations": "The 51-name discovery universe is wider than the old ten. Some carrier and access-limited candidates remain unresolved; no claim of exhaustive global coverage or quantified inferiority is made."
  },
  "parameters": {
    "maxEntities": 10,
    "activityWeights": null,
    "normalization": "None across different units, periods, ownership and readiness definitions. No imputation from funding or corporate valuation.",
    "marketCoverageTarget": null,
    "ordering": "Unordered representative set; list sequence is not numerical rank.",
    "choice": "Retain substantial current operating supply and represent retail/wholesale and regional markets. Explicit judgment selects among multiple feasible sets. Two large private platform positions are particularly interchangeable; other regional choices also change under scenarios.",
    "uncertainty": "Reported facts retain issuer boundaries. Missing comparable operating MW is unknown; no confidence penalty or zero score.",
    "evidencePreference": "Comparable actual service activity first; recognized relevant revenue as a separate crosscheck; commitments and construction as context only."
  },
  "rawObservations": [
    {
      "id": "D1",
      "entityId": "digital-realty",
      "label": "In-place IT capacity",
      "value": 3000,
      "operator": "approximately",
      "unit": "MW",
      "period": "2026-06-30",
      "sourceIds": [
        "digital-realty:dlr-q2-deck"
      ],
      "scope": "Gross physical platform including unconsolidated JV assets at 100%; approximate",
      "use": "operating footprint",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "5e95f82cb037b635138e2f8399ebb0e51e11cad216fb5af6c3cf9c4bd3293cb3",
      "sourceReviewFile": "infrastructure/reviews/digital-realty.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "D2",
      "entityId": "digital-realty",
      "label": "Future development IT",
      "value": 9000,
      "operator": "=",
      "unit": "MW",
      "period": "2026-06-30",
      "sourceIds": [
        "digital-realty:dlr-q2-deck"
      ],
      "scope": "Includes 1400 MW construction; construction is a subset",
      "use": "excluded future",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "5e95f82cb037b635138e2f8399ebb0e51e11cad216fb5af6c3cf9c4bd3293cb3",
      "sourceReviewFile": "infrastructure/reviews/digital-realty.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "E1",
      "entityId": "equinix",
      "label": "Revenue",
      "value": 9217,
      "operator": "=",
      "unit": "USD million",
      "period": "FY2025",
      "sourceIds": [
        "equinix:eqix-10k-2025"
      ],
      "scope": "Consolidated accounting; services and interconnection; not all equity-method JV gross capacity",
      "use": "financial baseline",
      "evidence": "filing",
      "locator": null,
      "unitConversion": "USD billions in the dossier multiplied by 1000 to express the same quantity in USD millions.",
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "sourceReviewFile": "infrastructure/reviews/equinix.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "E2",
      "entityId": "equinix",
      "label": "Interconnection revenue",
      "value": 1655,
      "operator": "=",
      "unit": "USD million",
      "period": "FY2025",
      "sourceIds": [
        "equinix:eqix-10k-2025"
      ],
      "scope": "Subset of E1; never added as another scale score",
      "use": "subset context",
      "evidence": "filing",
      "locator": null,
      "unitConversion": "USD billions in the dossier multiplied by 1000 to express the same quantity in USD millions.",
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "sourceReviewFile": "infrastructure/reviews/equinix.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "E3",
      "entityId": "equinix",
      "label": "Net interconnection additions",
      "value": 9700,
      "operator": "=",
      "unit": "connections",
      "period": "Q2 2026",
      "sourceIds": [
        "equinix:eqix-q2-2026-pr"
      ],
      "scope": "Flow during quarter, not installed stock",
      "use": "context",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "sourceReviewFile": "infrastructure/reviews/equinix.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "N1",
      "entityId": "ntt-global-data-centers",
      "label": "Overseas DC power capacity",
      "value": 1630,
      "operator": "approximately",
      "unit": "MW",
      "period": "2026-06-30",
      "sourceIds": [
        "ntt-global-data-centers:ntt-q1"
      ],
      "scope": "Includes NTT-operated REIT properties. Overseas segment only; bridge to critical IT/gross ownership incomplete.",
      "use": "qualified footprint",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "936f37066f8839f14911c8a6ceebe8947783594df6de7f40e19418cbb547297c",
      "sourceReviewFile": "infrastructure/reviews/ntt-global-data-centers.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "N2",
      "entityId": "ntt-global-data-centers",
      "label": "Wider group available capacity",
      "value": 1985,
      "operator": "=",
      "unit": "MW",
      "period": "2026-06-30",
      "sourceIds": [
        "ntt-global-data-centers:ntt-integrated"
      ],
      "scope": "Sum of published regional figures; wider group boundary, not additive to N1",
      "use": "context",
      "evidence": "inference",
      "locator": "675 + 430 + 425 + 455 = 1985 MW; wider group regional table. Does not share the overseas-only N1 denominator.",
      "packetSha256": "936f37066f8839f14911c8a6ceebe8947783594df6de7f40e19418cbb547297c",
      "sourceReviewFile": "infrastructure/reviews/ntt-global-data-centers.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "C1",
      "entityId": "cyrusone",
      "label": "Critical IT load capacity",
      "value": 1000,
      "operator": ">",
      "unit": "MW",
      "period": "2025 operating footprint; report June 2026",
      "sourceIds": [
        "cyrusone:c1-report"
      ],
      "scope": "Operating-footprint lower-bound statement; occupied load not disclosed",
      "use": "operating footprint",
      "evidence": "company_stated",
      "locator": null,
      "unitConversion": "Greater than 1 GW becomes greater than 1000 MW. The strict lower bound is preserved.",
      "packetSha256": "e2d695cad350b750f1b43010c037c153ccf9a488aa498b90a395d807dded0d47",
      "sourceReviewFile": "infrastructure/reviews/cyrusone.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "Y1",
      "entityId": "dayone",
      "label": "In-service IT capacity",
      "value": 962,
      "operator": "=",
      "unit": "MW",
      "period": "2026-09-20",
      "sourceIds": [
        "dayone:d1-f1"
      ],
      "scope": "Independent DayOne operating footprint; GDS minority investee",
      "use": "operating footprint",
      "evidence": "filing",
      "locator": null,
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "sourceReviewFile": "infrastructure/reviews/dayone.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "Y2",
      "entityId": "dayone",
      "label": "Capacity under construction",
      "value": 1328,
      "operator": "=",
      "unit": "MW",
      "period": "2026-09-20",
      "sourceIds": [
        "dayone:d1-f1"
      ],
      "scope": "Separate future supply",
      "use": "excluded future",
      "evidence": "filing",
      "locator": null,
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "sourceReviewFile": "infrastructure/reviews/dayone.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "Y3",
      "entityId": "dayone",
      "label": "Revenue",
      "value": 512.024,
      "operator": "=",
      "unit": "USD million",
      "period": "H1 2026",
      "sourceIds": [
        "dayone:d1-f1"
      ],
      "scope": "Recognized half-year revenue; not annualized ARR",
      "use": "financial context",
      "evidence": "filing",
      "locator": null,
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "sourceReviewFile": "infrastructure/reviews/dayone.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "S1",
      "entityId": "sttgdc",
      "label": "Operational capacity",
      "value": 780,
      "operator": "=",
      "unit": "MW",
      "period": "2026-06-30",
      "sourceIds": [
        "sttgdc:stt-operating"
      ],
      "scope": "Issuer definition; critical IT/gross-attributable bridge incomplete",
      "use": "qualified footprint",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "e8f155cf9625b430984863c468689cabd2144e9854d65bd293bcc8b8821df19e",
      "sourceReviewFile": "infrastructure/reviews/sttgdc.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "S2",
      "entityId": "sttgdc",
      "label": "Powered land construction/pipeline",
      "value": 2000,
      "operator": "approximately",
      "unit": "MW",
      "period": "September 2026 update",
      "sourceIds": [
        "sttgdc:stt-operating"
      ],
      "scope": "Prospective power resources, not commissioned capacity",
      "use": "excluded future",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "e8f155cf9625b430984863c468689cabd2144e9854d65bd293bcc8b8821df19e",
      "sourceReviewFile": "infrastructure/reviews/sttgdc.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "G1",
      "entityId": "gds",
      "label": "Area in service",
      "value": 684977,
      "operator": "=",
      "unit": "sqm",
      "period": "2026-06-30",
      "sourceIds": [
        "gds:gds-h126"
      ],
      "scope": "GDS domestic operating business; DayOne excluded",
      "use": "operating footprint",
      "evidence": "filing",
      "locator": null,
      "packetSha256": "8210ccefd7751f502d6df14bc55b879a08aea677168fcbeef51da396b32c4119",
      "sourceReviewFile": "applications/reviews/gds.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "G2",
      "entityId": "gds",
      "label": "Area utilized",
      "value": 542236,
      "operator": "=",
      "unit": "sqm",
      "period": "2026-06-30",
      "sourceIds": [
        "gds:gds-h126"
      ],
      "scope": "Utilized subset of G1",
      "use": "utilization",
      "evidence": "filing",
      "locator": null,
      "packetSha256": "8210ccefd7751f502d6df14bc55b879a08aea677168fcbeef51da396b32c4119",
      "sourceReviewFile": "applications/reviews/gds.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "G3",
      "entityId": "gds",
      "label": "Revenue",
      "value": 3087.95,
      "operator": "=",
      "unit": "RMB million",
      "period": "Q2 2026",
      "sourceIds": [
        "gds:gds-h126"
      ],
      "scope": "Recognized company revenue, substantially data-center services; not AI-only",
      "use": "financial baseline",
      "evidence": "filing",
      "locator": null,
      "packetSha256": "8210ccefd7751f502d6df14bc55b879a08aea677168fcbeef51da396b32c4119",
      "sourceReviewFile": "applications/reviews/gds.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "V1",
      "entityId": "vnet",
      "label": "Wholesale capacity in service",
      "value": 1007,
      "operator": "=",
      "unit": "MW",
      "period": "2026-06-30",
      "sourceIds": [
        "vnet:vnet-q226"
      ],
      "scope": "Wholesale business only; retail cabinets separate. Do not assume an unprovided utility-to-IT bridge.",
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      "sourceReviewFile": "applications/reviews/vnet.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "V2",
      "entityId": "vnet",
      "label": "Wholesale utilized",
      "value": 744,
      "operator": "=",
      "unit": "MW",
      "period": "2026-06-30",
      "sourceIds": [
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      ],
      "scope": "Occupied subset of V1",
      "use": "utilization",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "sourceReviewFile": "applications/reviews/vnet.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "V3",
      "entityId": "vnet",
      "label": "Retail cabinets in service",
      "value": 50081,
      "operator": "=",
      "unit": "cabinets",
      "period": "2026-06-30",
      "sourceIds": [
        "vnet:vnet-q226"
      ],
      "scope": "Retail separately measured; cabinet density not disclosed",
      "use": "operating footprint",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "sourceReviewFile": "applications/reviews/vnet.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "V4",
      "entityId": "vnet",
      "label": "Retail cabinets utilized",
      "value": 32314,
      "operator": "=",
      "unit": "cabinets",
      "period": "2026-06-30",
      "sourceIds": [
        "vnet:vnet-q226"
      ],
      "scope": "Occupied subset of V3; 3795 reserved cabinets excluded",
      "use": "utilization",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "sourceReviewFile": "applications/reviews/vnet.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "V5",
      "entityId": "vnet",
      "label": "IDC revenue",
      "value": 2150,
      "operator": "=",
      "unit": "RMB million",
      "period": "Q2 2026",
      "sourceIds": [
        "vnet:vnet-q226"
      ],
      "scope": "Rounded wholesale 1100 plus retail 1050; excludes 628.4 non-IDC",
      "use": "financial baseline",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "sourceReviewFile": "applications/reviews/vnet.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "M1",
      "entityId": "vantage-data-centers",
      "label": "Portfolio power",
      "value": 9000,
      "operator": "=",
      "unit": "MW",
      "period": "Undated company portfolio observed October 2026",
      "sourceIds": [
        "vantage-data-centers:v-home"
      ],
      "scope": "Operating and planned footprint; operating fraction unspecified",
      "use": "excluded mixed-stage",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "1f69e1164078ed08ea58cfe24c55ac3d798ab2d3fc9f5219746158271d746858",
      "sourceReviewFile": "infrastructure/reviews/vantage-data-centers.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "M2",
      "entityId": "stack-infrastructure",
      "label": "Built and developing",
      "value": 8500,
      "operator": ">",
      "unit": "MW",
      "period": "Undated current company counter",
      "sourceIds": [
        "stack-infrastructure:stack-home"
      ],
      "scope": "Stage mixture; additional 7500 planned/potential not added",
      "use": "excluded mixed-stage",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "a339b29c875dab7e24ffd124f277c5449c25d11e38ed69ccbde5607fa0812375",
      "sourceReviewFile": "infrastructure/reviews/stack-infrastructure.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "M3",
      "entityId": "aligned-data-centers",
      "label": "Operational and planned",
      "value": 6400,
      "operator": ">",
      "unit": "MW",
      "period": "2026-07-21",
      "sourceIds": [
        "aligned-data-centers:al-close"
      ],
      "scope": "Stage mixture includes ODATA group; not operating alone",
      "use": "excluded mixed-stage",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "sourceReviewFile": "infrastructure/reviews/aligned-data-centers.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "M4",
      "entityId": "qts",
      "label": "Critical power under customer contract",
      "value": 4800,
      "operator": ">",
      "unit": "MW",
      "period": "2025 sustainability report; precise counter date unspecified",
      "sourceIds": [
        "qts:qts-sr2025"
      ],
      "scope": "Contracts may include undelivered facilities",
      "use": "excluded commitments",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "e499df27043137b62d14c0eca79c80e95913628236c3eb1ba819cd8ce26f8772",
      "sourceReviewFile": "infrastructure/reviews/qts.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "M5",
      "entityId": "airtrunk",
      "label": "Operating and planned portfolio",
      "value": 3300,
      "operator": ">",
      "unit": "MW",
      "period": "2026-04-30",
      "sourceIds": [
        "airtrunk:at-johor"
      ],
      "scope": "Stage mixture; acquired Lumina not added again without bridge",
      "use": "excluded mixed-stage",
      "evidence": "company_stated",
      "locator": null,
      "packetSha256": "0274dde3f0ad90ede3604171d35b664cf0dbd6aad07a0677a4af06fc3a51e83f",
      "sourceReviewFile": "infrastructure/reviews/airtrunk.json",
      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    },
    {
      "id": "A1",
      "entityId": "core-scientific",
      "label": "Billing capacity",
      "value": 395,
      "operator": "=",
      "unit": "MW",
      "period": "2026-06-30",
      "sourceIds": [
        "C33"
      ],
      "scope": "Service commenced and actively billing; occupied subset",
      "use": "billing footprint",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A2",
      "entityId": "core-scientific",
      "label": "Billing capacity",
      "value": 437,
      "operator": "=",
      "unit": "MW",
      "period": "Mid-July 2026",
      "sourceIds": [
        "C33"
      ],
      "scope": "Subsequent update not June 30",
      "use": "billing footprint",
      "evidence": "company_stated",
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    },
    {
      "id": "A3",
      "entityId": "core-scientific",
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      "value": 136.7,
      "operator": "=",
      "unit": "USD million",
      "period": "Q2 2026",
      "sourceIds": [
        "C33"
      ],
      "scope": "Mining excluded; recognized quarterly revenue",
      "use": "financial context",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A4",
      "entityId": "applied-digital",
      "label": "Polaris Forge 1 live critical IT",
      "value": 250,
      "operator": "=",
      "unit": "MW",
      "period": "2026-10-01",
      "sourceIds": [
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      ],
      "scope": "Named campus delivered; excludes leased but undelivered future campuses",
      "use": "operating footprint",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A5",
      "entityId": "applied-digital",
      "label": "HPC Hosting revenue",
      "value": 262.6,
      "operator": "=",
      "unit": "USD million",
      "period": "Quarter ended 2026-08-31",
      "sourceIds": [
        "C34"
      ],
      "scope": "65.8 base rent + 183.5 fit-out + 13.3 tenant recoveries; not pure recurring rent",
      "use": "financial reconciliation",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A6",
      "entityId": "nextdc",
      "label": "Built capacity",
      "value": 288,
      "operator": "=",
      "unit": "MW",
      "period": "2026-06-30",
      "sourceIds": [
        "C35"
      ],
      "scope": "Designed power of fitted halls; additional equipment can still be necessary",
      "use": "qualified footprint",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A7",
      "entityId": "nextdc",
      "label": "Billing capacity",
      "value": 175,
      "operator": "=",
      "unit": "MW",
      "period": "2026-06-30",
      "sourceIds": [
        "C35"
      ],
      "scope": "Sold capacity with recognized recurring revenue",
      "use": "billing footprint",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A8",
      "entityId": "nextdc",
      "label": "Contracted capacity",
      "value": 740.1,
      "operator": "=",
      "unit": "MW",
      "period": "Pro forma 2026-07-21",
      "sourceIds": [
        "C35"
      ],
      "scope": "Later-date commitments; not all June 30 operating",
      "use": "excluded commitments",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A9",
      "entityId": "galaxy-data-centers",
      "label": "Helios Phase 1 delivered critical IT",
      "value": 133,
      "operator": "=",
      "unit": "MW",
      "period": "2026-07-06 completion announcement",
      "sourceIds": [
        "C51"
      ],
      "scope": "Named tenant delivery; 200 MW gross equivalent provided only for this site",
      "use": "operating footprint",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A10",
      "entityId": "coresite",
      "label": "Operating sites",
      "value": 30,
      "operator": "=",
      "unit": "data centers",
      "period": "Current undated page, accessed October 21",
      "sourceIds": [
        "C49"
      ],
      "scope": "American Tower data-center business; not standard-sized facilities",
      "use": "operating context",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A11",
      "entityId": "coresite",
      "label": "Interconnections",
      "value": 44000,
      "operator": ">",
      "unit": "connections",
      "period": "Current undated page, accessed October 21",
      "sourceIds": [
        "C49"
      ],
      "scope": "Stock not Equinix quarterly flow",
      "use": "operating context",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A12",
      "entityId": "bdx",
      "label": "Live and contracted capacity",
      "value": 186,
      "operator": "approximately",
      "unit": "MW",
      "period": "Current undated page, accessed October 21",
      "sourceIds": [
        "C47"
      ],
      "scope": "Mixed stage; 1.4 GW potential and 1.2 GVA reserved grid separate",
      "use": "excluded mixed-stage",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A13",
      "entityId": "edgecore",
      "label": "Portfolio capacity",
      "value": 2270,
      "operator": ">",
      "unit": "MW",
      "period": "Current undated page, accessed October 21",
      "sourceIds": [
        "C48"
      ],
      "scope": "Operating/development fraction unspecified",
      "use": "excluded mixed-stage",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A14",
      "entityId": "scala",
      "label": "Operational IT",
      "value": 100,
      "operator": ">",
      "unit": "MW",
      "period": "Undated narrative accessed October 21",
      "sourceIds": [
        "C52"
      ],
      "scope": "Lower-bound narrative may lag new phases; construction 900 separate",
      "use": "qualified lower bound",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A15",
      "entityId": "ascenty",
      "label": "Operating sites",
      "value": 25,
      "operator": "=",
      "unit": "data centers",
      "period": "FY2025 review published in 2026",
      "sourceIds": [
        "C53"
      ],
      "scope": "Physical JV assets overlap Digital Realty gross platform",
      "use": "operating context",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A16",
      "entityId": "china-telecom",
      "label": "Total power capacity",
      "value": 8000,
      "operator": "approximately",
      "unit": "MW",
      "period": "2026-06-30",
      "sourceIds": [
        "CP31"
      ],
      "scope": "Commercial, captive cloud and facility-power boundaries not separated",
      "use": "excluded boundary mismatch",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "A17",
      "entityId": "iron-mountain-data-centers",
      "label": "Operating leasable capacity",
      "value": 528.5,
      "operator": "=",
      "unit": "MW",
      "period": "2026-06-30",
      "sourceIds": [
        "CP32"
      ],
      "scope": "Gross consolidated + JV assets; primary search text only, full source pending",
      "use": "not accepted quantitative input",
      "evidence": "company_stated",
      "locator": null
    },
    {
      "id": "D3",
      "entityId": "digital-realty",
      "label": "Revenue",
      "value": 6112.692,
      "operator": "=",
      "unit": "USD million",
      "period": "FY2025",
      "sourceIds": [
        "digital-realty:dlr-10k-2025"
      ],
      "scope": "Consolidated recognized revenue; ownership boundary differs from physical gross JV capacity",
      "use": "financial baseline",
      "evidence": "filing",
      "locator": null,
      "packetSha256": "5e95f82cb037b635138e2f8399ebb0e51e11cad216fb5af6c3cf9c4bd3293cb3",
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      "reconciliationScope": "Independent source transcription checked against the current packet and matched source-review records. Original units and comparisons remain explicit; no value is replaced by broader parent activity."
    }
  ],
  "sources": [
    {
      "id": "CP01",
      "url": "https://investor.digitalrealty.com/static-files/817ac900-41b0-40a9-a548-af093f37dc57",
      "title": "Q2 2026 presentation",
      "publisher": "Digital Realty",
      "publishedDate": "2026-07-23",
      "accessedDate": "2026-10-20",
      "economicPeriod": "2026-06-30",
      "evidence": "company_stated",
      "locator": "Slides 3–4; footnote on slide 4",
      "support": "Approximately 3GW in-place IT; 9GW future development IT, including approximately 1.4GW under construction; consolidated and unconsolidated facilities at 100% share.",
      "limitations": "Approximate figures. Gross platform basis, not economic ownership. Future development includes construction; do not add construction again.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP02",
      "url": "https://www.digitalrealty.com/about/newsroom/press-releases/30551/digital-realty-reports-second-quarter-2026-results",
      "title": "Q2 2026 results",
      "publisher": "Digital Realty",
      "publishedDate": "2026-07-23",
      "accessedDate": "2026-10-20",
      "economicPeriod": "2026-Q2",
      "evidence": "company_stated",
      "locator": "Highlights, financial results, investment activity",
      "support": "Revenue approximately USD1.9bn; annualized booked rent USD306.944m at 100% share versus USD208.495m at DLR share. Hyperscale and interconnection categories coexist.",
      "limitations": "Bookings and backlog are not recognized revenue. Revenue is not a second independent physical-scale score.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP03",
      "url": "https://investor.equinix.com/news-events/press-releases/detail/1114/equinix-reports-second-quarter-results-raises-2026",
      "title": "Q2 2026 results",
      "publisher": "Equinix",
      "publishedDate": "2026-07-29",
      "accessedDate": "2026-10-20",
      "economicPeriod": "2026-Q2",
      "evidence": "company_stated",
      "locator": "Results summary and business highlights",
      "support": "USD2.625bn quarterly revenue includes one-time xScale fees; 9,700 net interconnections added.",
      "limitations": "Does not give a comparable whole-platform operational IT MW measure in the inspected text. New connections are a flow, not the installed stock.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP04",
      "url": "https://vantage-dc.com/",
      "title": "Company homepage",
      "publisher": "Vantage Data Centers",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Undated current counters",
      "evidence": "company_stated",
      "locator": "Homepage counters and services",
      "support": "40 campuses, 26 markets, 9GW of power; designs, develops and operates campuses.",
      "limitations": "Power scope and operational fraction unspecified. Web extraction omits animated values; publisher search rendering returned values. No zero inferred from omitted or zero-initialized counters.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP05",
      "url": "https://www.stackinfra.com/",
      "title": "Company homepage",
      "publisher": "STACK Infrastructure",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Undated current counters",
      "evidence": "company_stated",
      "locator": "Global reach counters; services and locations",
      "support": "8.5+GW built and under development; 7.5+GW planned and potential development; 24 markets.",
      "limitations": "Neither stream is identified as operating IT MW. Do not add them into current supply or treat a plus figure as an upper bound.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP06",
      "url": "https://aligneddc.com/press-release/aip-mgx-and-blackrocks-gip-close-acquisition-of-aligned-data-centers/",
      "title": "Acquisition closing",
      "publisher": "Aligned Data Centers",
      "publishedDate": "2026-07-21",
      "accessedDate": "2026-10-20",
      "economicPeriod": "2026-07-21",
      "evidence": "company_stated",
      "locator": "Closing announcement and portfolio paragraph",
      "support": "AIP, MGX and GIP consortium acquired 100%; approximately USD40bn enterprise value; 51 campuses and more than 6.4GW operational and planned; management continues.",
      "limitations": "Operational fraction not disclosed. A transaction valuation is not operating capacity.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP07",
      "url": "https://q.com/wp-content/uploads/2026/08/2025-QTS-Sustainability-Report.pdf",
      "title": "2025 sustainability report",
      "publisher": "QTS",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Calendar 2025 report; precise counter date not separately stated",
      "evidence": "company_stated",
      "locator": "PDF page 8, infrastructure infographic; page 34 business description",
      "support": "More than 4.8GW critical power under customer contract; 90+ data centers in operation or development in North America and Europe.",
      "limitations": "Contracted capacity is not identified as in-service capacity. URL month is not proof of publication date. Economic reporting year remains separate from access date.",
      "retrieval": "Normal HTTPS download after web-tool size limit; pypdf extraction and visual inspection of page 8"
    },
    {
      "id": "CP08",
      "url": "https://www.nttdata.com/en-us/services/global-data-centers",
      "title": "Global Data Centers",
      "publisher": "NTT DATA",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Undated current page",
      "evidence": "company_stated",
      "locator": "Our impact; services; footprint paragraph",
      "support": "2K+MW critical IT load in 20+ countries; operates over 160 data centers; colocation, implementation/management and connectivity.",
      "limitations": "No point-in-time operating/future split in inspected counter. Third-largest is issuer wording, not an independently reproduced rank.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP09",
      "url": "https://airtrunk.com/airtrunk-doubles-down-in-malaysia-with-two-new-hyperscale-campuses-in-johor-bahru/",
      "title": "Johor expansion",
      "publisher": "AirTrunk",
      "publishedDate": "2026-04-30",
      "accessedDate": "2026-10-20",
      "economicPeriod": "2026-04-30; future development",
      "evidence": "company_stated",
      "locator": "Opening paragraphs and existing-campus paragraph",
      "support": "JHB3/JHB4 announced at more than 280MW IT; four campuses would exceed 700MW; existing JHB1/JHB2 total more than 420MW and almost fully contracted.",
      "limitations": "The opening uses present-tense delivers but the detailed text says will have and announced plans. Contracted/full-campus capacity is not proof every phase is operating.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP10",
      "url": "https://www.cyrusone.com/",
      "title": "Company homepage",
      "publisher": "CyrusOne",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Undated current counters",
      "evidence": "company_stated",
      "locator": "Our global impact; services",
      "support": "60+ operational data centers; 50+ in development; 1+GW power capacity; hyperscale, build-to-suit, AI and colocation offerings.",
      "limitations": "The power counter has no explicit critical-IT and operational boundary. Site counts are not convertible to MW with a universal factor.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP11",
      "url": "https://www.prnewswire.com/apac/news-releases/dayone-data-centers-announces-final-closing-of-its-series-c-equity-financing-at-us4-5-billion-302792424.html",
      "title": "Series C final closing",
      "publisher": "DayOne",
      "publishedDate": "2026-06-05",
      "accessedDate": "2026-10-20",
      "economicPeriod": "2026-06-05",
      "evidence": "company_stated",
      "locator": "Issuer-attributed release, financing and bookings paragraphs",
      "support": "USD4.5bn Series C closed; more than 1.5GW total bookings in APAC and Europe; develops and operates campuses.",
      "limitations": "A company statement distributed by PR Newswire, not independent corroboration. Bookings are not operational MW.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP12",
      "url": "https://investors.gds-services.com/news-releases/news-release-details/gds-holdings-limited-reports-second-quarter-2026-results",
      "title": "Q2 2026 results",
      "publisher": "GDS Holdings",
      "publishedDate": "2026-08-13",
      "accessedDate": "2026-10-20",
      "economicPeriod": "2026-06-30",
      "evidence": "company_stated",
      "locator": "Operating highlights, resources, About GDS",
      "support": "Area in service 684,977 sqm; utilized 542,236 sqm; under construction 170,355 sqm; utilization 79.2%; DayOne is an independent minority investee.",
      "limitations": "No defensible universal sqm-to-IT-MW conversion. Reported revenue includes utility and service economics, not a capacity equivalent.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP13",
      "url": "https://investors.gds-services.com/zh-hant/node/12481",
      "title": "Q1 2026 results",
      "publisher": "GDS Holdings",
      "publishedDate": "2026-05-20",
      "accessedDate": "2026-10-20",
      "economicPeriod": "Ownership as of annual-report filing 2026-04-29",
      "evidence": "company_stated",
      "locator": "DayOne investment paragraph",
      "support": "Following Series C and share repurchase, GDS held approximately 19.9% of DayOne at the annual-report filing date.",
      "limitations": "A dated minority holding, not proof of a constant stake on 20 October. Do not add DayOne operating capacity to GDS.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP14",
      "url": "https://21vianetgroupinc.gcs-web.com/news-releases/news-release-details/vnet-reports-unaudited-second-quarter-2026-financial-results",
      "title": "Q2 2026 results",
      "publisher": "VNET Group",
      "publishedDate": "2026-08-18",
      "accessedDate": "2026-10-20",
      "economicPeriod": "2026-06-30",
      "evidence": "company_stated",
      "locator": "Wholesale and retail operating highlights; definitions",
      "support": "Wholesale in service 1,007MW; utilized 744MW; under construction 585MW; committed 970MW. Retail in service 50,081 cabinets; utilized 32,314.",
      "limitations": "Wholesale MW excludes unconverted retail capacity. Utility-versus-IT measurement bridge still needs confirmation. A partially measured company is not a small company.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP15",
      "url": "https://www.sttgdc.com/kr-en/newsroom/kkr-singtel-consortium-completes-acquisition-of-sttgdc-company-launches-refreshed-global-brand-next-phase-of-growth",
      "title": "KKR–Singtel acquisition completion",
      "publisher": "STTGDC",
      "publishedDate": "2026-09-02",
      "accessedDate": "2026-10-20",
      "economicPeriod": "December 2025–June 2026 operating comparison; closing 2026-09-02",
      "evidence": "company_stated",
      "locator": "Operating momentum paragraph and footnote 1",
      "support": "Operational capacity 780MW, up 25% from year-end; close to 2GW powered land for construction/pipeline; acquisition completed.",
      "limitations": "Footnote supplies June comparison period. Confirm gross/attributable and IT/power definitions before using 780 as an exact comparable. India total IT capacity is not added to it.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP16",
      "url": "https://investors.corescientific.com/news-events/press-releases/detail/139/core-scientific-announces-second-quarter-2026-results",
      "title": "Q2 2026 results",
      "publisher": "Core Scientific",
      "publishedDate": "2026-07-28",
      "accessedDate": "2026-10-20",
      "economicPeriod": "2026-Q2 table; mid-July update separately identified",
      "evidence": "company_stated",
      "locator": "Recent developments, operating metrics, Term Library",
      "support": "Billing MW 395 in Q2 table; mid-July billing 437MW; approximately 1.1GW leased in release. Billable means service commenced and actively billing.",
      "limitations": "Billing is an occupied subset, not total available commissioned IT capacity. Leased recent-development number may be after quarter end; do not present as one common-date table.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP17",
      "url": "https://ir.applieddigital.com/news-events/press-releases/detail/163/applied-digital-reports-fiscal-first-quarter-2027-results",
      "title": "Fiscal Q1 2027 results",
      "publisher": "Applied Digital",
      "publishedDate": "2026-10-07",
      "accessedDate": "2026-10-20",
      "economicPeriod": "Quarter ended 2026-08-31; subsequent delivery 2026-10-01",
      "evidence": "company_stated",
      "locator": "Business updates; HPC Hosting",
      "support": "Polaris Forge 1 live critical IT 250MW on 1 October; 100MW initial building opened October 2025, further 75MW July 1 and 75MW October 1; 1.41GW leased as of August 31.",
      "limitations": "Keep subsequent events separate. Only named delivered footprint is measured; mining and future campuses excluded. Contracted/live ratio compares distinct stated dates.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP18",
      "url": "https://investors.cipherdigital.com/news-releases/news-release-details/cipher-digital-expands-barber-lake-lease-term-20-years",
      "title": "Barber Lake lease extension",
      "publisher": "Cipher Digital",
      "publishedDate": "2026-09-25",
      "accessedDate": "2026-10-20",
      "economicPeriod": "2026-09-25; future deliveries Q4 2026–Q1 2027",
      "evidence": "company_stated",
      "locator": "Lease amendment, phased delivery and rent-commencement paragraph",
      "support": "20-year total lease commitments exceed USD9bn; first data-hall delivery and rent expected in Q4 2026, remaining delivery through Q1 2027.",
      "limitations": "Contradicts retained claim of August HPC rent commencement for Barber Lake. It is not proof of zero delivery by 20 October or a prediction about investment returns.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP19",
      "url": "https://cipherdigital.com/",
      "title": "Company homepage",
      "publisher": "Cipher Digital",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Undated current page",
      "evidence": "company_stated",
      "locator": "Capacity counters; company description",
      "support": "Develops and operates infrastructure for HPC; extracted counters show zero placeholders.",
      "limitations": "Animated-counter extraction is incomplete. Placeholders are not measured zeros; use dated disclosures instead.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP20",
      "url": "https://equinix.mediaroom.com/2026-09-02-C-O-R-R-E-C-T-I-O-N-Equinix,-Inc",
      "title": "Corrected atNorth acquisition closing",
      "publisher": "Equinix",
      "publishedDate": "2026-09-02",
      "accessedDate": "2026-10-20",
      "economicPeriod": "2026-09-02",
      "evidence": "company_stated",
      "locator": "Corrected closing release, ownership paragraph",
      "support": "CPP approximately 51% control; Equinix approximately 34%; Partners Group approximately 10%; atNorth operates independently and has eight operational centers.",
      "limitations": "A minority investment does not make atNorth a wholly operated Equinix subsidiary. Corrected release supersedes earlier versions; no 800MW figure is asserted from it.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP21",
      "url": "https://princetondg.com/about/",
      "title": "About PDG",
      "publisher": "Princeton Digital Group",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Undated current 2026+ timeline",
      "evidence": "company_stated",
      "locator": "Company and 2026+ timeline",
      "support": "1.8+GW operating and developing across eight markets; developer and operator.",
      "limitations": "Combined operating/development total, not 1.8GW current operational supply.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP22",
      "url": "https://princetondg.com/where-we-operate/",
      "title": "Portfolio",
      "publisher": "Princeton Digital Group",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Undated current portfolio",
      "evidence": "company_stated",
      "locator": "Operating descriptions and explicitly planned sites",
      "support": "Descriptions distinguish existing and planned campuses; some capacities are campus build-out values.",
      "limitations": "Do not sum capacities of every listed campus into commissioned capacity. Related October divestment announcement requires separate completion check.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP23",
      "url": "https://www.yondrgroup.com/what-we-do/",
      "title": "Operating capabilities",
      "publisher": "Yondr",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Undated current page",
      "evidence": "company_stated",
      "locator": "Operating model and delivery capability",
      "support": "Developer, owner and operator of hyperscale campuses; current page mentions team build/commissioning experience.",
      "limitations": "Experience delivered historically is not present owned/operated capacity. Indexed copy says 450MW while opened text says over 400MW; neither is used as current stock.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP24",
      "url": "https://www.yondrgroup.com/newsroom/press-release/yondr-group-completes-sale-of-johor-campus-to-vantage-data-centers/",
      "title": "Johor sale completion",
      "publisher": "Yondr",
      "publishedDate": "2025-11-24",
      "accessedDate": "2026-10-20",
      "economicPeriod": "2025-11-24",
      "evidence": "company_stated",
      "locator": "Completed sale and retained portfolio paragraphs",
      "support": "300MW Johor campus sold to Vantage with supporting Singapore business; more than 320MW leased across retained sites.",
      "limitations": "Transferred campus may not be counted for both suppliers. Leased is not confirmed operating, and 2025 is not a current 2026 denominator.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP25",
      "url": "https://www.data4group.com/en/",
      "title": "Company homepage",
      "publisher": "Data4",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Undated current counters",
      "evidence": "company_stated",
      "locator": "Services; resources and counters",
      "support": "Operates European campuses; 1.5GW energy available; 165,000 sqm IT space; retail and dedicated-building offerings.",
      "limitations": "Available energy and land resources are not operating critical IT MW. No density conversion assumed.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP26",
      "url": "https://www.chindatagroup.com/?lang=en",
      "title": "Company homepage",
      "publisher": "Chindata",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Undated current site",
      "evidence": "company_stated",
      "locator": "Locations, services and current news",
      "support": "Commercial hyperscale colocation, infrastructure and network services; China locations and 2026 activity.",
      "limitations": "Ownership and comparable 2026 operational IT MW remain unresolved. Bridge Data Centres boundary must be reconciled rather than assumed.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP27",
      "url": "https://www.databank.com/",
      "title": "Company homepage",
      "publisher": "DataBank",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Undated current counters",
      "evidence": "company_stated",
      "locator": "Colocation/interconnection services; footprint counters",
      "support": "76 centers, 1GW critical IT load; colocation and interconnection offerings.",
      "limitations": "Counter does not specify operational/development split or economic date. Do not silently certify 1GW as operating.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP28",
      "url": "https://www.globalswitch.com/",
      "title": "Company homepage",
      "publisher": "Global Switch",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Undated current page",
      "evidence": "company_stated",
      "locator": "Operating footprint and services",
      "support": "12 centers; cloud/carrier-neutral colocation and liquid-cooling offerings; planned locations separately labelled.",
      "limitations": "No comparable whole-platform IT MW established. Some older sources include divested regional assets.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP29",
      "url": "https://www.telehouse.com/about-us/newsroom/",
      "title": "Newsroom",
      "publisher": "Telehouse",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Current page with dated 2026 releases",
      "evidence": "company_stated",
      "locator": "October 1 and April 22 issuer notices",
      "support": "KDDI-linked colocation and interconnection activity remains current, including NYIIX.",
      "limitations": "News listing establishes discovery/activity evidence, not group operational capacity or a full officer-title review.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP30",
      "url": "https://www.keppeldatacentres.com/locations/europe/netherlands/",
      "title": "Netherlands portfolio",
      "publisher": "Keppel Data Centres",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "Undated current page",
      "evidence": "company_stated",
      "locator": "Portfolio descriptions",
      "support": "Commercial colocation facilities and leased shell/core facilities in the Netherlands.",
      "limitations": "Reconcile operating Keppel DC, managed funds, Keppel DC REIT and bare-shell ownership. Count each physical asset once; current net capacity not established.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP31",
      "url": "https://www.chinatelecom-h.com/en/ir/report/interim2026.pdf",
      "title": "2026 interim report",
      "publisher": "China Telecom",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "2026-06-30",
      "evidence": "company_stated",
      "locator": "Printed pages 7 and 15; financial review period",
      "support": "Sixteen 100MW-level campuses built; nearly 8GW total power capacity; cloud, computing and connectivity activities bundled.",
      "limitations": "Publication date of full report unverified (interim results announced August 20). Split third-party colocation from captive cloud capacity and establish IT versus facility power. Do not rank on total telecom revenue.",
      "retrieval": "Original publisher page read through web tool"
    },
    {
      "id": "CP32",
      "url": "https://www.sec.gov/Archives/edgar/data/1020569/000102056926000068/q22026srpfinal.htm",
      "title": "Q2 2026 financial supplement",
      "publisher": "Iron Mountain",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "economicPeriod": "2026-06-30",
      "evidence": "company_stated",
      "locator": "Page 22 operating portfolio table; page 23 development",
      "support": "528.5MW operating leasable; 160.2MW construction; 684.2MW development; total1,372.9MW. Includes consolidated and unconsolidated JV assets.",
      "limitations": "Primary filing table read in research search output; full supplement not opened/visually inspected. IR page hides dynamic links; guessed CDN path inaccessible. Treat full source-support acceptance as pending.",
      "retrieval": "Primary filing search-result text; full-document access gap"
    },
    {
      "id": "digital-realty:dlr-10k-2025",
      "url": "https://investor.digitalrealty.com/static-files/9c97db3d-b365-4b5f-bad9-8e11fa3344d6",
      "title": "FY2025 Form 10-K (issuer-hosted copy)",
      "publisher": "Digital Realty",
      "publishedDate": "2026-02-13",
      "accessedDate": "2026-10-20",
      "type": "filing",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "digital-realty:dlr-q2-2026",
      "url": "https://investor.digitalrealty.com/news-releases/news-release-details/digital-realty-reports-second-quarter-2026-results",
      "title": "Second-quarter 2026 results",
      "publisher": "Digital Realty",
      "publishedDate": "2026-07-23",
      "accessedDate": "2026-10-20",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "digital-realty:dlr-leadership",
      "url": "https://www.digitalrealty.com/about/leadership",
      "title": "Executive leadership",
      "publisher": "Digital Realty",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "type": "company",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "digital-realty:yahoo-dlr",
      "url": "https://finance.yahoo.com/quote/DLR/",
      "title": "Digital Realty Trust (DLR) quote, profile and holders",
      "publisher": "Yahoo Finance",
      "publishedDate": null,
      "accessedDate": "2026-10-03",
      "type": "data_provider",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "digital-realty:dlr-q2-deck",
      "url": "https://investor.digitalrealty.com/static-files/817ac900-41b0-40a9-a548-af093f37dc57",
      "title": "2Q26 financial results presentation",
      "publisher": "Digital Realty",
      "publishedDate": "2026-07-23",
      "accessedDate": "2026-10-20",
      "type": "company",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "digital-realty:dlr-board",
      "url": "https://investor.digitalrealty.com/esg/board-of-directors",
      "title": "Board of directors",
      "publisher": "Digital Realty",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "type": "company",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "digital-realty:dlr-blackfuel",
      "url": "https://investor.digitalrealty.com/news-releases/news-release-details/digital-realty-brings-native-ai-inference-platform",
      "title": "Blackfuel AI inference deployment at BCN1",
      "publisher": "Digital Realty",
      "publishedDate": "2026-09-30",
      "accessedDate": "2026-10-20",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "digital-realty:dlr-q3-date",
      "url": "https://investor.digitalrealty.com/node/30766/pdf",
      "title": "Third-quarter 2026 results schedule",
      "publisher": "Digital Realty",
      "publishedDate": "2026-10-01",
      "accessedDate": "2026-10-20",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "digital-realty:dlr-kix15",
      "url": "https://investor.digitalrealty.com/news-releases/news-release-details/digital-realty-commences-construction-kix15-data-center",
      "title": "Construction of KIX15 in Japan",
      "publisher": "Digital Realty",
      "publishedDate": "2026-10-07",
      "accessedDate": "2026-10-20",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "digital-realty:dlr-mcp",
      "url": "https://investor.digitalrealty.com/node/30386/pdf",
      "title": "ServiceFabric MCP availability",
      "publisher": "Digital Realty",
      "publishedDate": "2026-06-17",
      "accessedDate": "2026-10-20",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "digital-realty:dlr-dividend",
      "url": "https://investor.digitalrealty.com/news-releases/news-release-details/digital-realty-declares-quarterly-cash-dividends-common-and-16",
      "title": "Third-quarter common and preferred dividends",
      "publisher": "Digital Realty",
      "publishedDate": "2026-08-11",
      "accessedDate": "2026-10-20",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "equinix:eqix-10k-2025",
      "url": "https://investor.equinix.com/sec-filings/all-sec-filings/content/0001101239-26-000032/eqix-20251231.htm",
      "title": "Equinix, Inc. Form 10-K for fiscal year ended December 31, 2025",
      "publisher": "Equinix, Inc.",
      "publishedDate": "2026-02-11",
      "accessedDate": "2026-10-20",
      "type": "filing",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "equinix:eqix-def14a-2026",
      "url": "https://investor.equinix.com/sec-filings/all-sec-filings/content/0001101239-26-000073/eqix-20260401.htm",
      "title": "Equinix, Inc. 2026 Proxy Statement (DEF 14A)",
      "publisher": "Equinix, Inc.",
      "publishedDate": "2026-04-02",
      "accessedDate": "2026-10-20",
      "type": "filing",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "equinix:eqix-q2-2026-pr",
      "url": "https://investor.equinix.com/news-events/press-releases/detail/1114/equinix-reports-second-quarter-results-raises-2026",
      "title": "Equinix Reports Second-Quarter Results, Raises 2026 Guidance and Long-Term Outlook",
      "publisher": "Equinix, Inc.",
      "publishedDate": "2026-07-29",
      "accessedDate": "2026-10-20",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "equinix:eqix-leadership",
      "url": "https://www.equinix.com/about/leadership",
      "title": "Equinix Leadership Team",
      "publisher": "Equinix, Inc.",
      "publishedDate": null,
      "accessedDate": "2026-10-20",
      "type": "company",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "equinix:eqix-8k-cfo",
      "url": "https://investor.equinix.com/sec-filings/all-sec-filings/content/0001101239-26-000058/eqix-20260307.htm",
      "title": "Equinix Form 8-K: appointment of Olivier Leonetti as Chief Financial Officer",
      "publisher": "Equinix, Inc.",
      "publishedDate": "2026-03-10",
      "accessedDate": "2026-10-20",
      "type": "filing",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "equinix:eqix-8k-cbo",
      "url": "https://investor.equinix.com/sec-filings/all-sec-filings/content/0001101239-26-000131/eqix-20260708.htm",
      "title": "Equinix Form 8-K: departure of Chief Business Officer",
      "publisher": "Equinix, Inc.",
      "publishedDate": "2026-07-14",
      "accessedDate": "2026-10-20",
      "type": "filing",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "equinix:eqix-8k-notes",
      "url": "https://investor.equinix.com/sec-filings/all-sec-filings/content/0001104659-26-092009/tm2622384d1_8k.htm",
      "title": "Equinix Form 8-K: issuance of senior notes due 2029, 2031, 2033 and 2036",
      "publisher": "Equinix, Inc.",
      "publishedDate": "2026-08-06",
      "accessedDate": "2026-10-20",
      "type": "filing",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "equinix:eqix-8k-revolver",
      "url": "https://investor.equinix.com/sec-filings/all-sec-filings/content/0001101239-26-000148/eqix-20260727.htm",
      "title": "Equinix Form 8-K: $5.5 billion senior unsecured revolving credit facility",
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      "id": "aligned-data-centers:al-lambda",
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      "title": "Aligned and Lambda Partner to Power Next-Generation AI Infrastructure",
      "publisher": "Aligned Data Centers",
      "publishedDate": "2025-05-07",
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      "id": "aligned-data-centers:al-securitization",
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      "title": "Aligned Data Centers Completes $1.18 Billion Securitization Financing",
      "publisher": "Aligned Data Centers",
      "publishedDate": "2026-07-28",
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      "publisher": "Aligned Data Centers",
      "publishedDate": "2025-10-22",
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      "title": "Phaidra Prism deployment partnership",
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      "id": "qts:qts-water-pledge",
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      "id": "qts:qts-turkey-update",
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      "title": "Turkey municipal infrastructure agreement",
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      "id": "qts:qts-alliant",
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      "id": "qts:qts-cedar-stage",
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      "id": "qts:qts-zayo",
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      "title": "Cambois connectivity development",
      "publisher": "Zayo Europe",
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      "title": "Richmond FAST-41 coverage",
      "publisher": "US Permitting Council",
      "publishedDate": "2026-04-02",
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      "id": "qts:qts-fayette-city",
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      "id": "airtrunk:at-investors",
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    {
      "id": "airtrunk:at-india",
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      "publisher": "AirTrunk",
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      "publisher": "AirTrunk",
      "publishedDate": "2026-04-20",
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      "id": "airtrunk:at-humain",
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      "publisher": "AirTrunk",
      "publishedDate": "2025-10-29",
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      "id": "airtrunk:at-tokyo-loan",
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      "title": "AirTrunk secures largest financing for a data centre in Japan with US$1.2 billion green loan for its flagship Tokyo campus",
      "publisher": "AirTrunk",
      "publishedDate": "2026-03-10",
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    {
      "id": "airtrunk:at-my-financing",
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      "title": "AirTrunk secures US$2.325b green financing to support sustainable digital infrastructure growth in Malaysia",
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    {
      "id": "airtrunk:at-mulwala",
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      "title": "Google, AirTrunk, and European Energy Australia set to launch Mulwala Solar Farm, powering Australia's digital future",
      "publisher": "AirTrunk",
      "publishedDate": "2026-06-01",
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      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
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    {
      "id": "airtrunk:at-close",
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      "title": "Blackstone consortium acquisition completed",
      "publisher": "AirTrunk",
      "publishedDate": "2024-12-23",
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      "title": "CPP investment agreement",
      "publisher": "CPP Investments",
      "publishedDate": "2024-09-04",
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      "id": "airtrunk:at-cpp-complete",
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    {
      "id": "airtrunk:at-refinance",
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      "title": "Regional refinancing",
      "publisher": "AirTrunk",
      "publishedDate": "2025-08-25",
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    {
      "id": "airtrunk:at-vppa",
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      "title": "Malaysia solar project commercial operation",
      "publisher": "AirTrunk",
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      "publisher": "AirTrunk",
      "publishedDate": "2026-09-15",
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      "type": "press_release",
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    {
      "id": "airtrunk:at-kurri",
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      "title": "Kurri Kurri development and public exhibition",
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      "id": "airtrunk:at-tokyo-oct",
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      "title": "Additional investment and financing for TOK1",
      "publisher": "Reuters via MarketScreener",
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      "type": "media",
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      "id": "airtrunk:at-gresb",
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      "publishedDate": "2026-09-03",
      "accessedDate": "2026-10-20",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "cipher-digital:cifr-q2",
      "url": "https://investors.cipherdigital.com/news-releases/news-release-details/cipher-digital-provides-second-quarter-2026-business-update",
      "title": "Second quarter 2026 results and business update",
      "publisher": "Cipher Digital",
      "publishedDate": "2026-08-04",
      "accessedDate": "2026-10-20",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "cipher-digital:cifr-q2-deck",
      "url": "https://www.otcmarkets.com/filing/html?guid=sL9XkpfUcdq0och&id=19660281",
      "title": "August 4 Form 8-K and furnished quarterly presentation",
      "publisher": "Cipher Digital via OTC Markets",
      "publishedDate": "2026-08-04",
      "accessedDate": "2026-10-20",
      "type": "filing",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "cipher-digital:cifr-fy-deck",
      "url": "https://www.otcmarkets.com/filing/html?guid=Kc3-kHgk-94FJth&id=19176423",
      "title": "February 24 Form 8-K, annual results and presentation",
      "publisher": "Cipher Digital via OTC Markets",
      "publishedDate": "2026-02-24",
      "accessedDate": "2026-10-20",
      "type": "filing",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "cipher-digital:cifr-oct-deck",
      "url": "https://www.stocktitan.net/sec-filings/CIFR/8-k-cipher-digital-inc-reports-material-event-570cab7a80df.html",
      "title": "October 13 Form 8-K and furnished Project Compass presentation: original filing text",
      "publisher": "Cipher Digital via StockTitan",
      "publishedDate": "2026-10-13",
      "accessedDate": "2026-10-20",
      "type": "filing",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "cipher-digital:cifr-finance-close",
      "url": "https://www.stocktitan.net/sec-filings/CIFR/8-k-cipher-digital-inc-reports-material-event-827cd691cc20.html",
      "title": "October 16 Form 8-K: original filing text, notes issuance and exchange",
      "publisher": "Cipher Digital via StockTitan",
      "publishedDate": "2026-10-16",
      "accessedDate": "2026-10-20",
      "type": "filing",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "cipher-digital:cifr-finance-price",
      "url": "https://www.globenewswire.com/news-release/2026/10/14/3380624/0/en/cipher-digital-announces-pricing-of-private-offering-of-850-0-million-of-0-00-convertible-senior-notes-due-2032-and-concurrent-exchange-of-convertible-senior-notes-due-2030.html",
      "title": "Pricing of convertible notes and concurrent exchange",
      "publisher": "Cipher Digital via GlobeNewswire",
      "publishedDate": "2026-10-14",
      "accessedDate": "2026-10-20",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "cipher-digital:cifr-google-warrant",
      "url": "https://contracts.justia.com/companies/good-works-acquisition-corp-11078/contract/1348777/",
      "title": "Amended Google warrant: November 20, 2025 executed agreement",
      "publisher": "Cipher Mining and Google via Justia",
      "publishedDate": "2025-11-20",
      "accessedDate": "2026-10-20",
      "type": "filing",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "cipher-digital:cifr-13d",
      "url": "https://www.stocktitan.net/sec-filings/CIFR/schedule-13d-a-cipher-digital-inc-amended-major-shareholder-report-18084f757f4a.html",
      "title": "Schedule 13D Amendment 24: original ownership filing",
      "publisher": "V3, Bitfury and Valerijs Vavilovs via StockTitan",
      "publishedDate": "2026-10-07",
      "accessedDate": "2026-10-20",
      "type": "filing",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "cipher-digital:cifr-canaan",
      "url": "https://investor.canaan-creative.com/news-releases/news-release-details/canaan-inc-acquires-cipher-minings-interest-multiple-operational",
      "title": "Canaan acquires Cipher mining interests and mining machines",
      "publisher": "Canaan",
      "publishedDate": "2026-02-23",
      "accessedDate": "2026-10-20",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "cipher-digital:cifr-next",
      "url": "https://www.globenewswire.com/fr/news-release/2026/10/20/3384943/0/en/cipher-digital-announces-date-of-third-quarter-2026-business-update-conference-call.html",
      "title": "Date of third-quarter business update",
      "publisher": "Cipher Digital via GlobeNewswire",
      "publishedDate": "2026-10-20",
      "accessedDate": "2026-10-20",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "iren:ir-yahoo",
      "url": "https://finance.yahoo.com/quote/IREN/",
      "title": "IREN Limited (IREN) quote, profile, statements, holders and insiders",
      "publisher": "Yahoo Finance",
      "publishedDate": null,
      "accessedDate": "2026-10-03",
      "type": "data_provider",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "iren:ir-10k-r69",
      "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/R69.htm",
      "title": "IREN Form 10-K FY26 XBRL segment note (AI Cloud Services revenue; via research/universe/sublayers pool input)",
      "publisher": "IREN Limited (SEC EDGAR)",
      "publishedDate": null,
      "accessedDate": "2026-10-03",
      "type": "filing",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "iren:ir-10k-r11",
      "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/R11.htm",
      "title": "IREN Form 10-K FY26 XBRL note (remaining performance obligations; via research/universe/sublayers pool input)",
      "publisher": "IREN Limited (SEC EDGAR)",
      "publishedDate": null,
      "accessedDate": "2026-10-03",
      "type": "filing",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "iren:ir-fy26",
      "url": "https://www.globenewswire.com/news-release/2026/08/27/3352401/0/en/iren-reports-fy26-results.html",
      "title": "IREN Reports FY26 Results",
      "publisher": "IREN Limited (GlobeNewswire)",
      "publishedDate": "2026-08-27",
      "accessedDate": "2026-10-21",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "iren:ir-contracts",
      "url": "https://www.globenewswire.com/news-release/2026/07/20/3329624/0/en/iren-signs-2-8bn-in-new-customer-contracts-with-leading-ai-developers-raises-2026-arr-target-to-over-4bn.html",
      "title": "IREN Signs $2.8bn in New Customer Contracts with Leading AI Developers, Raises 2026 ARR Target to over $4bn",
      "publisher": "IREN Limited (GlobeNewswire)",
      "publishedDate": "2026-07-20",
      "accessedDate": "2026-10-21",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "iren:ir-horizon1",
      "url": "https://www.globenewswire.com/news-release/2026/08/13/3344413/0/en/iren-delivers-horizon-1-to-microsoft-and-achieves-nvidia-exemplar-cloud-status-on-gb300-nvl72.html",
      "title": "IREN Delivers Horizon 1 to Microsoft and Achieves NVIDIA Exemplar Cloud Status on GB300 NVL72",
      "publisher": "IREN Limited (GlobeNewswire)",
      "publishedDate": "2026-08-13",
      "accessedDate": "2026-10-21",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "iren:ir-sweetwater",
      "url": "https://www.globenewswire.com/news-release/2026/09/08/3357498/0/en/iren-s-2gw-sweetwater-hub-included-as-base-load-in-ercot-batch-zero.html",
      "title": "IREN's 2GW Sweetwater Hub Included as Base Load in ERCOT Batch Zero",
      "publisher": "IREN Limited (GlobeNewswire)",
      "publishedDate": "2026-09-08",
      "accessedDate": "2026-10-21",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "iren:ir-cpo-cdo",
      "url": "https://www.globenewswire.com/news-release/2026/07/02/3321225/0/en/iren-appoints-chief-product-officer-and-chief-development-officer.html",
      "title": "IREN Appoints Chief Product Officer and Chief Development Officer",
      "publisher": "IREN Limited (GlobeNewswire)",
      "publishedDate": "2026-07-02",
      "accessedDate": "2026-10-21",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "iren:ir-gnw-list",
      "url": "https://www.globenewswire.com/search/organization/IREN%20Limited",
      "title": "IREN Limited press releases (GlobeNewswire organization listing)",
      "publisher": "GlobeNewswire",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "type": "other",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "iren:ir-about",
      "url": "https://iren.com/about",
      "title": "IREN — about and data-center locations",
      "publisher": "IREN Limited",
      "publishedDate": null,
      "accessedDate": "2026-10-03",
      "type": "company",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "iren:ir-leaders",
      "url": "https://iren.com/company/team/leaders",
      "title": "IREN leadership team",
      "publisher": "IREN Limited",
      "publishedDate": null,
      "accessedDate": "2026-10-03",
      "type": "company",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "iren:ir-directors",
      "url": "https://iren.com/company/team/directors",
      "title": "IREN board of directors",
      "publisher": "IREN Limited",
      "publishedDate": null,
      "accessedDate": "2026-10-03",
      "type": "company",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "iren:ir-mirantis",
      "url": "https://www.globenewswire.com/news-release/2026/08/04/3338169/0/en/iren-completes-acquisition-of-mirantis.html",
      "title": "Mirantis acquisition completed",
      "publisher": "IREN via GlobeNewswire",
      "publishedDate": "2026-08-04",
      "accessedDate": "2026-10-21",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "iren:ir-ciso",
      "url": "https://www.globenewswire.com/news-release/2026/07/15/3327594/0/en/iren-appoints-chief-information-security-officer.html",
      "title": "Eric Hammersley appointed chief information security officer",
      "publisher": "IREN via GlobeNewswire",
      "publishedDate": "2026-07-15",
      "accessedDate": "2026-10-21",
      "type": "press_release",
      "origin": "Full company packet; exact claim support and access outcome in matched review"
    },
    {
      "id": "C33",
      "url": "https://investors.corescientific.com/news-events/press-releases/detail/139/core-scientific-announces-second-quarter-2026-results",
      "title": "Q2 2026 results",
      "publisher": "Core Scientific",
      "publishedDate": "2026-07-28",
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Recent developments, Q2 operating metrics and Term Library",
      "support": "395MW billing June 30; 437MW mid-July; Q2 colocation revenue136.7m.",
      "limitations": "Billing is occupied service, not all installed or available capacity.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C34",
      "url": "https://ir.applieddigital.com/news-events/press-releases/detail/163/applied-digital-reports-fiscal-first-quarter-2027-results",
      "title": "Fiscal Q1 2027 results",
      "publisher": "Applied Digital",
      "publishedDate": "2026-10-07",
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Business updates and HPC Hosting financial detail",
      "support": "Polaris Forge 1 delivered250 MW Oct1. HPC revenue262.6m includes65.8m base rent,183.5m fit-out and13.3m tenant recovery.",
      "limitations": "Named live campus is not every leased future campus.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C35",
      "url": "https://www.nextdc.com/hubfs/Financial%20Reports/FY26/NEXTDC%20FY26%20Results%20Presentation.pdf",
      "title": "FY2026 results presentation",
      "publisher": "NEXTDC",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Pages16,18 and33; definition footnotes",
      "support": "288 MW built;175 MW billing June 30. Contracted740.1 MW is pro forma July 21. Total3030MW includes landbank.",
      "limitations": "Built is designed power of fitted halls; additional equipment can still be required. Net revenue excludes direct costs.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C36",
      "url": "https://www.switch.com/",
      "title": "Company homepage",
      "publisher": "Switch",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Operating campuses, customers and colocation services",
      "support": "Commercial colocation across five named US regions.",
      "limitations": "No comparable current operating IT MW measured.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C37",
      "url": "https://www.ctrls.com/",
      "title": "Company and locations",
      "publisher": "CtrlS",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Services, existing site descriptions, upcoming campuses and customer cases",
      "support": "Indian colocation services with named customers; upcoming phases distinguished.",
      "limitations": "Site power definitions and construction phases do not support summing all counters.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C38",
      "url": "https://www.coltdatacentres.net/en-GB",
      "title": "Company homepage",
      "publisher": "Colt DCS",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Operating footprint and services",
      "support": "15 operating data centers and12 development sites in9 cities.",
      "limitations": "Count of sites is not standardized capacity.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C39",
      "url": "https://www.macquariedatacentres.com/",
      "title": "Data-center services",
      "publisher": "Macquarie Data Centres",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Colocation, sovereign services and existing locations",
      "support": "Sydney and Canberra commercial data-center operation.",
      "limitations": "65MW campus headline not fully reconciled by operating phase.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C40",
      "url": "https://www.nxtra.in/",
      "title": "Company homepage",
      "publisher": "Nxtra",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Footprint and services",
      "support": "15 hyperscale sites and66 edge locations;230+MW total power.",
      "limitations": "Total power is not established customer-ready critical IT.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C41",
      "url": "https://www.adaniconnex.com/",
      "title": "Company and India portfolio",
      "publisher": "AdaniConneX",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Partnership description and existing services",
      "support": "Adani and EdgeConneX partnership; Indian data-center activity and ICICI customer case.",
      "limitations": "1+GW includes deployment;80+ global data centers is parent context, not Indian JV operating stock.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C42",
      "url": "https://www.sifytechnologies.com/data-center/",
      "title": "Data-center services",
      "publisher": "Sify",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Existing/upcoming footprints and available capacity",
      "support": "16 existing sites and9 upcoming;86+MW available and263+MW scalable.",
      "limitations": "Available unsold capacity is not total operating supply.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C43",
      "url": "https://www.esr.com/our-properties/data-centres/",
      "title": "Data-centre property portfolio",
      "publisher": "ESR",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "OS1,OS4 andRabale project descriptions",
      "support": "OS1 page gives ready-for-service targetMay 2025; other sites described as development.",
      "limitations": "A past target is not confirmation of completion. Current commercial delivery unresolved.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C44",
      "url": "https://www.terawulf.com/",
      "title": "Company homepage",
      "publisher": "TeraWulf",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Accessible company overview",
      "support": "Power and digital-infrastructure activity.",
      "limitations": "Relevant completed third-party HPC delivery not established from inspected overview.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C45",
      "url": "https://www.hut8.com/",
      "title": "Company homepage",
      "publisher": "Hut 8",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Integrated platform and businesses",
      "support": "Operates energy and compute infrastructure, including Highrise AI.",
      "limitations": "Independent colocation capacity not separated from cloud and mining.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C46",
      "url": "https://www.cdc.com.au/",
      "title": "Company and campus services",
      "publisher": "CDC",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Operating-campus and secure-colocation descriptions",
      "support": "Operates Australian and New Zealand commercial and government facilities.",
      "limitations": "No comparable current aggregate critical IT capacity established.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C47",
      "url": "https://www.bdxworld.com/about/",
      "title": "Company platform",
      "publisher": "BDx",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Platform Today; locations and live/contracted header",
      "support": "14 sites;186MW live/contracted;1.4GW potential; operates Indonesia,Singapore,Hong Kong,Taiwan.",
      "limitations": "Mixed live/contracted is not operating MW; secured grid1.2GVA is not IT.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C48",
      "url": "https://edgecore.com/",
      "title": "Company homepage",
      "publisher": "EdgeCore",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Operating model, locations and portfolio counter",
      "support": "Commercial single-tenant hyperscale development and operation;2.27+GW portfolio.",
      "limitations": "Portfolio includes development; no whole-company operating MW identified.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C49",
      "url": "https://www.coresite.com/data-centers/locations",
      "title": "Data-center locations",
      "publisher": "CoreSite",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Overview and location descriptions",
      "support": "30 operating sites,11 US markets,44,000+ interconnections and4.8m+ sqft.",
      "limitations": "Interconnections and floor area are not MW equivalents.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C50",
      "url": "https://www.coresite.com/about",
      "title": "Company ownership and history",
      "publisher": "CoreSite",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "2021,2022 and2026 timeline",
      "support": "American Tower company with Stonepeak minority investment.",
      "limitations": "Do not add American Tower telecom revenue as campus activity.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C51",
      "url": "https://www.galaxy.com/newsroom/galaxy-completes-phase-i-of-its-helios-data-center-campus",
      "title": "Helios Phase I completion",
      "publisher": "Galaxy",
      "publishedDate": "2026-07-06",
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Completion and rent commencement paragraphs",
      "support": "133 MW critical IT delivered to CoreWeave;200 MW gross.",
      "limitations": "1.63 GW approved power and526 MW contracted future IT are different measures.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C52",
      "url": "https://scaladatacenters.com/en/data-centers-en/",
      "title": "Operating and development data centers",
      "publisher": "Scala",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Introductory prose and in-operation site section",
      "support": "More than100 MW operational IT, separately900 MW construction/future.",
      "limitations": "Undated narrative may lag new phases; animated counters are not used.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    },
    {
      "id": "C53",
      "url": "https://ascenty.com/en/blog/news-ascenty-en/ascenty-growth-revenue/",
      "title": "FY2025 operating review",
      "publisher": "Ascenty",
      "publishedDate": null,
      "accessedDate": "2026-10-21",
      "evidence": "company_stated",
      "locator": "Results and existing portfolio paragraphs",
      "support": "25 operating data centers across Brazil,Chile,Mexico; Digital Realty/Brookfield JV.",
      "limitations": "Not a separate additive supplier when Digital Realty gross JV physical capacity is used.",
      "retrieval": "Relevant primary page or PDF body actually inspected; managed tool captures applications/evidence/camp-web-*.json"
    }
  ],
  "calculations": [
    {
      "id": "gds-utilization",
      "formula": "542236 / 684977 * 100",
      "inputs": [
        "G2",
        "G1"
      ],
      "result": 79.16119811322132,
      "unit": "percent",
      "interpretation": "79.16%, reported79.2%; within-company area utilization only."
    },
    {
      "id": "vnet-wholesale-utilization",
      "formula": "744 / 1007 * 100",
      "inputs": [
        "V2",
        "V1"
      ],
      "result": 73.88282025819265,
      "unit": "percent",
      "interpretation": "73.88%, reported73.9%; within-wholesale."
    },
    {
      "id": "vnet-retail-utilization",
      "formula": "32314 / 50081 * 100",
      "inputs": [
        "V4",
        "V3"
      ],
      "result": 64.52347197539984,
      "unit": "percent",
      "interpretation": "64.52%, reported64.5%; reserved cabinets excluded."
    },
    {
      "id": "nextdc-billing-built",
      "formula": "175 / 288 * 100",
      "inputs": [
        "A7",
        "A6"
      ],
      "result": 60.763888888888886,
      "unit": "percent",
      "interpretation": "60.76% of defined built capacity; not directly VNET/GDS utilization because readiness andbilling definitions differ."
    },
    {
      "id": "apld-hpc-revenue-components",
      "formula": "65.8 + 183.5 + 13.3",
      "inputs": [
        "A5"
      ],
      "result": 262.6,
      "unit": "USD million",
      "interpretation": "262.6; recurring base rent only 65.8. No annualization used."
    },
    {
      "id": "apld-delivered-phases",
      "formula": "100 + 75 + 75",
      "inputs": [
        "A4"
      ],
      "result": 250,
      "unit": "MW",
      "interpretation": "Polaris Forge 1 delivered phasesOctober 2025,July 1 and October 1; no future lease conversion."
    },
    {
      "id": "global-market-coverage",
      "formula": null,
      "result": null,
      "interpretation": "Not identifiable: no comparable whole-market denominator, missingoperating MW, varyingownership boundaries. No sum or market share claimed."
    }
  ],
  "baselineComparisons": [
    {
      "method": "Operating IT capacity baseline",
      "result": "Useful partial comparison, insufficient global ranking",
      "eligibleObservations": [
        "D1",
        "C1",
        "Y1",
        "A4",
        "A9"
      ],
      "qualifiedObservations": [
        "N1",
        "S1",
        "V1",
        "A6",
        "A14"
      ],
      "reason": "Dates differ; lower bounds, wholesale-only totals and power definitions are not a common exact denominator. Equinix and GDS must not drop out for reporting in other units."
    },
    {
      "method": "Relevant recognized revenue baseline",
      "result": "Partial corroboration; no global top ten",
      "eligibleObservations": [
        "E1",
        "D3",
        "G3",
        "V5",
        "Y3",
        "A3",
        "A5"
      ],
      "reason": "Full year versus quarter/half year, currency, utility pass-through, fit-out revenue, JV consolidation and private nondisclosure prevent one league table. Equinix/Digital Realty FY2025 is the closest pair, but product and ownership mix still differ."
    },
    {
      "method": "Composite activity score",
      "result": "Rejected for this evidence set",
      "reason": "Adding MW, revenue and contracted GW would double-count scale and reward forward plans. No independent adoption or criticality input with consistent measurement supports arbitrary weights."
    },
    {
      "method": "Evidence-based representative set",
      "result": "Recommended with alternatives",
      "reason": "Makes current operation and coverage visible without fabricating global shares or converting floor area or cabinets to MW. Its empirical claims are reproducible; its membership judgments are explicitly editorial."
    }
  ],
  "selectedIds": [
    "digital-realty",
    "equinix",
    "ntt-global-data-centers",
    "cyrusone",
    "gds",
    "vnet",
    "dayone",
    "sttgdc",
    "vantage-data-centers",
    "qts"
  ],
  "selectedReasons": {
    "digital-realty": "Large measured operating IT footprint and current wholesale, retail and interconnection services across regions. Gross JV capacity is used only once.",
    "equinix": "Substantial current retail/interconnection business, supported by recognized revenue and operating facilities. Missing whole-platform IT MW is not a reason to exclude it.",
    "ntt-global-data-centers": "Established global commercial operator with measured overseas power capacity and actual data-center revenue. Overseas/group and power/IT boundaries remain qualified.",
    "cyrusone": "Large operating critical IT footprint and current hyperscale/enterprise delivery. Its greater-than-1-GW figure remains a lower bound rather than an exact rank.",
    "gds": "Substantial current China commercial footprint reported in square metres. No guessed density conversion or consolidation of independent DayOne.",
    "vnet": "Current China wholesale and retail supply;1,007 MW wholesale plus separately reported retail cabinets. Inclusion recognizes omitted regional supply, not a converted global rank.",
    "dayone": "962 MW in-service IT and recognized H1 revenue establish a delivered Asian platform. Financing, bookings and future resources do not determine membership.",
    "sttgdc": "Current multi-country Asian operation and reported 780 MW operational footprint; useful regional and retail/wholesale representation. No claim that qualified MW establishes a global eighth place.",
    "vantage-data-centers": "Current multi-region hyperscale campuses, including acquired Johor platform and European facilities. Chosen as an editorial representative of large private platforms;9 GW mixed portfolio does not rank it above peers.",
    "qts": "Current US-led wholesale and enterprise colocation with contracted hyperscale demand. Chosen as a second private-platform representative;4.8 GW contracts do not prove operating superiority over STACK, Aligned or AirTrunk."
  },
  "functionCoverage": {
    "retail": 8,
    "wholesale": 10,
    "regional": 10
  },
  "alternativeCutoffSets": [
    {
      "name": "private-platform-equivalence",
      "selectedIds": [
        "digital-realty",
        "equinix",
        "ntt-global-data-centers",
        "cyrusone",
        "gds",
        "vnet",
        "dayone",
        "sttgdc",
        "stack-infrastructure",
        "aligned-data-centers"
      ],
      "coverage": {
        "retail": 7,
        "wholesale": 10,
        "regional": 10
      },
      "removed": [
        "vantage-data-centers",
        "qts"
      ],
      "added": [
        "stack-infrastructure",
        "aligned-data-centers"
      ],
      "change": "Replace the two editorial private-platform positions with other current multi-region operators; no measured operating-capacity ordering resolves the choice."
    },
    {
      "name": "asia-pacific-emphasis",
      "selectedIds": [
        "digital-realty",
        "equinix",
        "ntt-global-data-centers",
        "cyrusone",
        "gds",
        "vnet",
        "dayone",
        "sttgdc",
        "vantage-data-centers",
        "airtrunk"
      ],
      "coverage": {
        "retail": 7,
        "wholesale": 10,
        "regional": 10
      },
      "removed": [
        "qts"
      ],
      "added": [
        "airtrunk"
      ],
      "change": "More emphasis on Asia-Pacific hyperscale supply; includes private supplier with undisclosed operating fraction."
    },
    {
      "name": "regional-breadth",
      "selectedIds": [
        "digital-realty",
        "equinix",
        "ntt-global-data-centers",
        "cyrusone",
        "gds",
        "vnet",
        "dayone",
        "sttgdc",
        "nextdc",
        "scala"
      ],
      "coverage": {
        "retail": 8,
        "wholesale": 10,
        "regional": 10
      },
      "removed": [
        "vantage-data-centers",
        "qts"
      ],
      "added": [
        "nextdc",
        "scala"
      ],
      "change": "More emphasis on Australian and Latin American specialist operators. Their operating disclosures do not imply global top-ten size. Complete dossiers required before publication."
    },
    {
      "name": "delivered-ai-hpc-emphasis",
      "selectedIds": [
        "digital-realty",
        "equinix",
        "ntt-global-data-centers",
        "cyrusone",
        "gds",
        "vnet",
        "dayone",
        "sttgdc",
        "core-scientific",
        "applied-digital"
      ],
      "coverage": {
        "retail": 7,
        "wholesale": 10,
        "regional": 8
      },
      "removed": [
        "vantage-data-centers",
        "qts"
      ],
      "added": [
        "core-scientific",
        "applied-digital"
      ],
      "change": "More emphasis on measured current billing and newly delivered HPC facilities. FutureleasedMW and fit-out reimbursements remain excluded. Full dossiers required before publication."
    },
    {
      "name": "retail-interconnection-emphasis",
      "selectedIds": [
        "digital-realty",
        "equinix",
        "ntt-global-data-centers",
        "cyrusone",
        "gds",
        "vnet",
        "dayone",
        "sttgdc",
        "vantage-data-centers",
        "coresite"
      ],
      "coverage": {
        "retail": 8,
        "wholesale": 10,
        "regional": 10
      },
      "removed": [
        "qts"
      ],
      "added": [
        "coresite"
      ],
      "change": "More emphasis on current retail/interconnection stock and US edge markets. Full dossier required before publication."
    },
    {
      "name": "china-supplier-diversity",
      "selectedIds": [
        "digital-realty",
        "equinix",
        "ntt-global-data-centers",
        "cyrusone",
        "gds",
        "dayone",
        "sttgdc",
        "vantage-data-centers",
        "qts",
        "chindata"
      ],
      "coverage": {
        "retail": 7,
        "wholesale": 10,
        "regional": 10
      },
      "removed": [
        "vnet"
      ],
      "added": [
        "chindata"
      ],
      "change": "Alternative current China supplier; undisclosed comparable operating capacity is not scored zero. This is a judgmental substitution, not quantified superiority; ownership/dossier reconciliation required."
    },
    {
      "name": "independent-nordic-supply",
      "selectedIds": [
        "digital-realty",
        "equinix",
        "ntt-global-data-centers",
        "cyrusone",
        "gds",
        "vnet",
        "dayone",
        "vantage-data-centers",
        "qts",
        "atnorth"
      ],
      "coverage": {
        "retail": 7,
        "wholesale": 10,
        "regional": 10
      },
      "removed": [
        "sttgdc"
      ],
      "added": [
        "atnorth"
      ],
      "change": "Represent independently controlled Nordic supply rather than a second broad Asian platform. Equinix minority holding does not merge atNorth operations. Full dossier required before publication."
    },
    {
      "name": "integrated-operator-emphasis",
      "selectedIds": [
        "digital-realty",
        "equinix",
        "ntt-global-data-centers",
        "cyrusone",
        "gds",
        "vnet",
        "dayone",
        "sttgdc",
        "vantage-data-centers",
        "crusoe"
      ],
      "coverage": {
        "retail": 7,
        "wholesale": 10,
        "regional": 9
      },
      "removed": [
        "qts"
      ],
      "added": [
        "crusoe"
      ],
      "change": "More emphasis on delivered AIcampus development and operation; reportedgross 1 GW includes mixed cloud/campus roles, so no direct score is formed."
    }
  ],
  "sensitivity": {
    "stableWithinDeclaredScenarios": [
      "cyrusone",
      "dayone",
      "digital-realty",
      "equinix",
      "gds",
      "ntt-global-data-centers"
    ],
    "scenarios": [
      {
        "name": "declared-base",
        "selectedIds": [
          "digital-realty",
          "equinix",
          "ntt-global-data-centers",
          "cyrusone",
          "gds",
          "vnet",
          "dayone",
          "sttgdc",
          "vantage-data-centers",
          "qts"
        ],
        "coverage": {
          "retail": 8,
          "wholesale": 10,
          "regional": 10
        },
        "change": "Current editorial representative set"
      },
      {
        "name": "private-platform-equivalence",
        "selectedIds": [
          "digital-realty",
          "equinix",
          "ntt-global-data-centers",
          "cyrusone",
          "gds",
          "vnet",
          "dayone",
          "sttgdc",
          "stack-infrastructure",
          "aligned-data-centers"
        ],
        "coverage": {
          "retail": 7,
          "wholesale": 10,
          "regional": 10
        },
        "removed": [
          "vantage-data-centers",
          "qts"
        ],
        "added": [
          "stack-infrastructure",
          "aligned-data-centers"
        ],
        "change": "Replace the two editorial private-platform positions with other current multi-region operators; no measured operating-capacity ordering resolves the choice."
      },
      {
        "name": "asia-pacific-emphasis",
        "selectedIds": [
          "digital-realty",
          "equinix",
          "ntt-global-data-centers",
          "cyrusone",
          "gds",
          "vnet",
          "dayone",
          "sttgdc",
          "vantage-data-centers",
          "airtrunk"
        ],
        "coverage": {
          "retail": 7,
          "wholesale": 10,
          "regional": 10
        },
        "removed": [
          "qts"
        ],
        "added": [
          "airtrunk"
        ],
        "change": "More emphasis on Asia-Pacific hyperscale supply; includes private supplier with undisclosed operating fraction."
      },
      {
        "name": "regional-breadth",
        "selectedIds": [
          "digital-realty",
          "equinix",
          "ntt-global-data-centers",
          "cyrusone",
          "gds",
          "vnet",
          "dayone",
          "sttgdc",
          "nextdc",
          "scala"
        ],
        "coverage": {
          "retail": 8,
          "wholesale": 10,
          "regional": 10
        },
        "removed": [
          "vantage-data-centers",
          "qts"
        ],
        "added": [
          "nextdc",
          "scala"
        ],
        "change": "More emphasis on Australian and Latin American specialist operators. Their operating disclosures do not imply global top-ten size. Complete dossiers required before publication."
      },
      {
        "name": "delivered-ai-hpc-emphasis",
        "selectedIds": [
          "digital-realty",
          "equinix",
          "ntt-global-data-centers",
          "cyrusone",
          "gds",
          "vnet",
          "dayone",
          "sttgdc",
          "core-scientific",
          "applied-digital"
        ],
        "coverage": {
          "retail": 7,
          "wholesale": 10,
          "regional": 8
        },
        "removed": [
          "vantage-data-centers",
          "qts"
        ],
        "added": [
          "core-scientific",
          "applied-digital"
        ],
        "change": "More emphasis on measured current billing and newly delivered HPC facilities. FutureleasedMW and fit-out reimbursements remain excluded. Full dossiers required before publication."
      },
      {
        "name": "retail-interconnection-emphasis",
        "selectedIds": [
          "digital-realty",
          "equinix",
          "ntt-global-data-centers",
          "cyrusone",
          "gds",
          "vnet",
          "dayone",
          "sttgdc",
          "vantage-data-centers",
          "coresite"
        ],
        "coverage": {
          "retail": 8,
          "wholesale": 10,
          "regional": 10
        },
        "removed": [
          "qts"
        ],
        "added": [
          "coresite"
        ],
        "change": "More emphasis on current retail/interconnection stock and US edge markets. Full dossier required before publication."
      },
      {
        "name": "china-supplier-diversity",
        "selectedIds": [
          "digital-realty",
          "equinix",
          "ntt-global-data-centers",
          "cyrusone",
          "gds",
          "dayone",
          "sttgdc",
          "vantage-data-centers",
          "qts",
          "chindata"
        ],
        "coverage": {
          "retail": 7,
          "wholesale": 10,
          "regional": 10
        },
        "removed": [
          "vnet"
        ],
        "added": [
          "chindata"
        ],
        "change": "Alternative current China supplier; undisclosed comparable operating capacity is not scored zero. This is a judgmental substitution, not quantified superiority; ownership/dossier reconciliation required."
      },
      {
        "name": "independent-nordic-supply",
        "selectedIds": [
          "digital-realty",
          "equinix",
          "ntt-global-data-centers",
          "cyrusone",
          "gds",
          "vnet",
          "dayone",
          "vantage-data-centers",
          "qts",
          "atnorth"
        ],
        "coverage": {
          "retail": 7,
          "wholesale": 10,
          "regional": 10
        },
        "removed": [
          "sttgdc"
        ],
        "added": [
          "atnorth"
        ],
        "change": "Represent independently controlled Nordic supply rather than a second broad Asian platform. Equinix minority holding does not merge atNorth operations. Full dossier required before publication."
      },
      {
        "name": "integrated-operator-emphasis",
        "selectedIds": [
          "digital-realty",
          "equinix",
          "ntt-global-data-centers",
          "cyrusone",
          "gds",
          "vnet",
          "dayone",
          "sttgdc",
          "vantage-data-centers",
          "crusoe"
        ],
        "coverage": {
          "retail": 7,
          "wholesale": 10,
          "regional": 9
        },
        "removed": [
          "qts"
        ],
        "added": [
          "crusoe"
        ],
        "change": "More emphasis on delivered AIcampus development and operation; reportedgross 1 GW includes mixed cloud/campus roles, so no direct score is formed."
      }
    ],
    "numberOfRolePreservingSingleSwaps": 290,
    "rolePreservingSingleSwaps": [
      {
        "removed": "digital-realty",
        "added": "stack-infrastructure"
      },
      {
        "removed": "digital-realty",
        "added": "aligned-data-centers"
      },
      {
        "removed": "digital-realty",
        "added": "airtrunk"
      },
      {
        "removed": "digital-realty",
        "added": "crusoe"
      },
      {
        "removed": "digital-realty",
        "added": "princeton-digital-group"
      },
      {
        "removed": "digital-realty",
        "added": "data4"
      },
      {
        "removed": "digital-realty",
        "added": "chindata"
      },
      {
        "removed": "digital-realty",
        "added": "databank"
      },
      {
        "removed": "digital-realty",
        "added": "global-switch"
      },
      {
        "removed": "digital-realty",
        "added": "yondr"
      },
      {
        "removed": "digital-realty",
        "added": "telehouse-kddi"
      },
      {
        "removed": "digital-realty",
        "added": "keppel-data-centres"
      },
      {
        "removed": "digital-realty",
        "added": "nextdc"
      },
      {
        "removed": "digital-realty",
        "added": "switch"
      },
      {
        "removed": "digital-realty",
        "added": "ctrls"
      },
      {
        "removed": "digital-realty",
        "added": "colt-dcs"
      },
      {
        "removed": "digital-realty",
        "added": "macquarie-data-centres"
      },
      {
        "removed": "digital-realty",
        "added": "nxtra"
      },
      {
        "removed": "digital-realty",
        "added": "adani-connex"
      },
      {
        "removed": "digital-realty",
        "added": "sify"
      },
      {
        "removed": "digital-realty",
        "added": "core-scientific"
      },
      {
        "removed": "digital-realty",
        "added": "applied-digital"
      },
      {
        "removed": "digital-realty",
        "added": "atnorth"
      },
      {
        "removed": "digital-realty",
        "added": "cdc-data-centres"
      },
      {
        "removed": "digital-realty",
        "added": "bdx"
      },
      {
        "removed": "digital-realty",
        "added": "edgecore"
      },
      {
        "removed": "digital-realty",
        "added": "coresite"
      },
      {
        "removed": "digital-realty",
        "added": "galaxy-data-centers"
      },
      {
        "removed": "digital-realty",
        "added": "scala"
      },
      {
        "removed": "equinix",
        "added": "stack-infrastructure"
      },
      {
        "removed": "equinix",
        "added": "aligned-data-centers"
      },
      {
        "removed": "equinix",
        "added": "airtrunk"
      },
      {
        "removed": "equinix",
        "added": "crusoe"
      },
      {
        "removed": "equinix",
        "added": "princeton-digital-group"
      },
      {
        "removed": "equinix",
        "added": "data4"
      },
      {
        "removed": "equinix",
        "added": "chindata"
      },
      {
        "removed": "equinix",
        "added": "databank"
      },
      {
        "removed": "equinix",
        "added": "global-switch"
      },
      {
        "removed": "equinix",
        "added": "yondr"
      },
      {
        "removed": "equinix",
        "added": "telehouse-kddi"
      },
      {
        "removed": "equinix",
        "added": "keppel-data-centres"
      },
      {
        "removed": "equinix",
        "added": "nextdc"
      },
      {
        "removed": "equinix",
        "added": "switch"
      },
      {
        "removed": "equinix",
        "added": "ctrls"
      },
      {
        "removed": "equinix",
        "added": "colt-dcs"
      },
      {
        "removed": "equinix",
        "added": "macquarie-data-centres"
      },
      {
        "removed": "equinix",
        "added": "nxtra"
      },
      {
        "removed": "equinix",
        "added": "adani-connex"
      },
      {
        "removed": "equinix",
        "added": "sify"
      },
      {
        "removed": "equinix",
        "added": "core-scientific"
      },
      {
        "removed": "equinix",
        "added": "applied-digital"
      },
      {
        "removed": "equinix",
        "added": "atnorth"
      },
      {
        "removed": "equinix",
        "added": "cdc-data-centres"
      },
      {
        "removed": "equinix",
        "added": "bdx"
      },
      {
        "removed": "equinix",
        "added": "edgecore"
      },
      {
        "removed": "equinix",
        "added": "coresite"
      },
      {
        "removed": "equinix",
        "added": "galaxy-data-centers"
      },
      {
        "removed": "equinix",
        "added": "scala"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "stack-infrastructure"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "aligned-data-centers"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "airtrunk"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "crusoe"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "princeton-digital-group"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "data4"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "chindata"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "databank"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "global-switch"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "yondr"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "telehouse-kddi"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "keppel-data-centres"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "nextdc"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "switch"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "ctrls"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "colt-dcs"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "macquarie-data-centres"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "nxtra"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "adani-connex"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "sify"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "core-scientific"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "applied-digital"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "atnorth"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "cdc-data-centres"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "bdx"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "edgecore"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "coresite"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "galaxy-data-centers"
      },
      {
        "removed": "ntt-global-data-centers",
        "added": "scala"
      },
      {
        "removed": "cyrusone",
        "added": "stack-infrastructure"
      },
      {
        "removed": "cyrusone",
        "added": "aligned-data-centers"
      },
      {
        "removed": "cyrusone",
        "added": "airtrunk"
      },
      {
        "removed": "cyrusone",
        "added": "crusoe"
      },
      {
        "removed": "cyrusone",
        "added": "princeton-digital-group"
      },
      {
        "removed": "cyrusone",
        "added": "data4"
      },
      {
        "removed": "cyrusone",
        "added": "chindata"
      },
      {
        "removed": "cyrusone",
        "added": "databank"
      },
      {
        "removed": "cyrusone",
        "added": "global-switch"
      },
      {
        "removed": "cyrusone",
        "added": "yondr"
      },
      {
        "removed": "cyrusone",
        "added": "telehouse-kddi"
      },
      {
        "removed": "cyrusone",
        "added": "keppel-data-centres"
      },
      {
        "removed": "cyrusone",
        "added": "nextdc"
      },
      {
        "removed": "cyrusone",
        "added": "switch"
      },
      {
        "removed": "cyrusone",
        "added": "ctrls"
      },
      {
        "removed": "cyrusone",
        "added": "colt-dcs"
      },
      {
        "removed": "cyrusone",
        "added": "macquarie-data-centres"
      },
      {
        "removed": "cyrusone",
        "added": "nxtra"
      },
      {
        "removed": "cyrusone",
        "added": "adani-connex"
      },
      {
        "removed": "cyrusone",
        "added": "sify"
      },
      {
        "removed": "cyrusone",
        "added": "core-scientific"
      },
      {
        "removed": "cyrusone",
        "added": "applied-digital"
      },
      {
        "removed": "cyrusone",
        "added": "atnorth"
      },
      {
        "removed": "cyrusone",
        "added": "cdc-data-centres"
      },
      {
        "removed": "cyrusone",
        "added": "bdx"
      },
      {
        "removed": "cyrusone",
        "added": "edgecore"
      },
      {
        "removed": "cyrusone",
        "added": "coresite"
      },
      {
        "removed": "cyrusone",
        "added": "galaxy-data-centers"
      },
      {
        "removed": "cyrusone",
        "added": "scala"
      },
      {
        "removed": "gds",
        "added": "stack-infrastructure"
      },
      {
        "removed": "gds",
        "added": "aligned-data-centers"
      },
      {
        "removed": "gds",
        "added": "airtrunk"
      },
      {
        "removed": "gds",
        "added": "crusoe"
      },
      {
        "removed": "gds",
        "added": "princeton-digital-group"
      },
      {
        "removed": "gds",
        "added": "data4"
      },
      {
        "removed": "gds",
        "added": "chindata"
      },
      {
        "removed": "gds",
        "added": "databank"
      },
      {
        "removed": "gds",
        "added": "global-switch"
      },
      {
        "removed": "gds",
        "added": "yondr"
      },
      {
        "removed": "gds",
        "added": "telehouse-kddi"
      },
      {
        "removed": "gds",
        "added": "keppel-data-centres"
      },
      {
        "removed": "gds",
        "added": "nextdc"
      },
      {
        "removed": "gds",
        "added": "switch"
      },
      {
        "removed": "gds",
        "added": "ctrls"
      },
      {
        "removed": "gds",
        "added": "colt-dcs"
      },
      {
        "removed": "gds",
        "added": "macquarie-data-centres"
      },
      {
        "removed": "gds",
        "added": "nxtra"
      },
      {
        "removed": "gds",
        "added": "adani-connex"
      },
      {
        "removed": "gds",
        "added": "sify"
      },
      {
        "removed": "gds",
        "added": "core-scientific"
      },
      {
        "removed": "gds",
        "added": "applied-digital"
      },
      {
        "removed": "gds",
        "added": "atnorth"
      },
      {
        "removed": "gds",
        "added": "cdc-data-centres"
      },
      {
        "removed": "gds",
        "added": "bdx"
      },
      {
        "removed": "gds",
        "added": "edgecore"
      },
      {
        "removed": "gds",
        "added": "coresite"
      },
      {
        "removed": "gds",
        "added": "galaxy-data-centers"
      },
      {
        "removed": "gds",
        "added": "scala"
      },
      {
        "removed": "vnet",
        "added": "stack-infrastructure"
      },
      {
        "removed": "vnet",
        "added": "aligned-data-centers"
      },
      {
        "removed": "vnet",
        "added": "airtrunk"
      },
      {
        "removed": "vnet",
        "added": "crusoe"
      },
      {
        "removed": "vnet",
        "added": "princeton-digital-group"
      },
      {
        "removed": "vnet",
        "added": "data4"
      },
      {
        "removed": "vnet",
        "added": "chindata"
      },
      {
        "removed": "vnet",
        "added": "databank"
      },
      {
        "removed": "vnet",
        "added": "global-switch"
      },
      {
        "removed": "vnet",
        "added": "yondr"
      },
      {
        "removed": "vnet",
        "added": "telehouse-kddi"
      },
      {
        "removed": "vnet",
        "added": "keppel-data-centres"
      },
      {
        "removed": "vnet",
        "added": "nextdc"
      },
      {
        "removed": "vnet",
        "added": "switch"
      },
      {
        "removed": "vnet",
        "added": "ctrls"
      },
      {
        "removed": "vnet",
        "added": "colt-dcs"
      },
      {
        "removed": "vnet",
        "added": "macquarie-data-centres"
      },
      {
        "removed": "vnet",
        "added": "nxtra"
      },
      {
        "removed": "vnet",
        "added": "adani-connex"
      },
      {
        "removed": "vnet",
        "added": "sify"
      },
      {
        "removed": "vnet",
        "added": "core-scientific"
      },
      {
        "removed": "vnet",
        "added": "applied-digital"
      },
      {
        "removed": "vnet",
        "added": "atnorth"
      },
      {
        "removed": "vnet",
        "added": "cdc-data-centres"
      },
      {
        "removed": "vnet",
        "added": "bdx"
      },
      {
        "removed": "vnet",
        "added": "edgecore"
      },
      {
        "removed": "vnet",
        "added": "coresite"
      },
      {
        "removed": "vnet",
        "added": "galaxy-data-centers"
      },
      {
        "removed": "vnet",
        "added": "scala"
      },
      {
        "removed": "dayone",
        "added": "stack-infrastructure"
      },
      {
        "removed": "dayone",
        "added": "aligned-data-centers"
      },
      {
        "removed": "dayone",
        "added": "airtrunk"
      },
      {
        "removed": "dayone",
        "added": "crusoe"
      },
      {
        "removed": "dayone",
        "added": "princeton-digital-group"
      },
      {
        "removed": "dayone",
        "added": "data4"
      },
      {
        "removed": "dayone",
        "added": "chindata"
      },
      {
        "removed": "dayone",
        "added": "databank"
      },
      {
        "removed": "dayone",
        "added": "global-switch"
      },
      {
        "removed": "dayone",
        "added": "yondr"
      },
      {
        "removed": "dayone",
        "added": "telehouse-kddi"
      },
      {
        "removed": "dayone",
        "added": "keppel-data-centres"
      },
      {
        "removed": "dayone",
        "added": "nextdc"
      },
      {
        "removed": "dayone",
        "added": "switch"
      },
      {
        "removed": "dayone",
        "added": "ctrls"
      },
      {
        "removed": "dayone",
        "added": "colt-dcs"
      },
      {
        "removed": "dayone",
        "added": "macquarie-data-centres"
      },
      {
        "removed": "dayone",
        "added": "nxtra"
      },
      {
        "removed": "dayone",
        "added": "adani-connex"
      },
      {
        "removed": "dayone",
        "added": "sify"
      },
      {
        "removed": "dayone",
        "added": "core-scientific"
      },
      {
        "removed": "dayone",
        "added": "applied-digital"
      },
      {
        "removed": "dayone",
        "added": "atnorth"
      },
      {
        "removed": "dayone",
        "added": "cdc-data-centres"
      },
      {
        "removed": "dayone",
        "added": "bdx"
      },
      {
        "removed": "dayone",
        "added": "edgecore"
      },
      {
        "removed": "dayone",
        "added": "coresite"
      },
      {
        "removed": "dayone",
        "added": "galaxy-data-centers"
      },
      {
        "removed": "dayone",
        "added": "scala"
      },
      {
        "removed": "sttgdc",
        "added": "stack-infrastructure"
      },
      {
        "removed": "sttgdc",
        "added": "aligned-data-centers"
      },
      {
        "removed": "sttgdc",
        "added": "airtrunk"
      },
      {
        "removed": "sttgdc",
        "added": "crusoe"
      },
      {
        "removed": "sttgdc",
        "added": "princeton-digital-group"
      },
      {
        "removed": "sttgdc",
        "added": "data4"
      },
      {
        "removed": "sttgdc",
        "added": "chindata"
      },
      {
        "removed": "sttgdc",
        "added": "databank"
      },
      {
        "removed": "sttgdc",
        "added": "global-switch"
      },
      {
        "removed": "sttgdc",
        "added": "yondr"
      },
      {
        "removed": "sttgdc",
        "added": "telehouse-kddi"
      },
      {
        "removed": "sttgdc",
        "added": "keppel-data-centres"
      },
      {
        "removed": "sttgdc",
        "added": "nextdc"
      },
      {
        "removed": "sttgdc",
        "added": "switch"
      },
      {
        "removed": "sttgdc",
        "added": "ctrls"
      },
      {
        "removed": "sttgdc",
        "added": "colt-dcs"
      },
      {
        "removed": "sttgdc",
        "added": "macquarie-data-centres"
      },
      {
        "removed": "sttgdc",
        "added": "nxtra"
      },
      {
        "removed": "sttgdc",
        "added": "adani-connex"
      },
      {
        "removed": "sttgdc",
        "added": "sify"
      },
      {
        "removed": "sttgdc",
        "added": "core-scientific"
      },
      {
        "removed": "sttgdc",
        "added": "applied-digital"
      },
      {
        "removed": "sttgdc",
        "added": "atnorth"
      },
      {
        "removed": "sttgdc",
        "added": "cdc-data-centres"
      },
      {
        "removed": "sttgdc",
        "added": "bdx"
      },
      {
        "removed": "sttgdc",
        "added": "edgecore"
      },
      {
        "removed": "sttgdc",
        "added": "coresite"
      },
      {
        "removed": "sttgdc",
        "added": "galaxy-data-centers"
      },
      {
        "removed": "sttgdc",
        "added": "scala"
      },
      {
        "removed": "vantage-data-centers",
        "added": "stack-infrastructure"
      },
      {
        "removed": "vantage-data-centers",
        "added": "aligned-data-centers"
      },
      {
        "removed": "vantage-data-centers",
        "added": "airtrunk"
      },
      {
        "removed": "vantage-data-centers",
        "added": "crusoe"
      },
      {
        "removed": "vantage-data-centers",
        "added": "princeton-digital-group"
      },
      {
        "removed": "vantage-data-centers",
        "added": "data4"
      },
      {
        "removed": "vantage-data-centers",
        "added": "chindata"
      },
      {
        "removed": "vantage-data-centers",
        "added": "databank"
      },
      {
        "removed": "vantage-data-centers",
        "added": "global-switch"
      },
      {
        "removed": "vantage-data-centers",
        "added": "yondr"
      },
      {
        "removed": "vantage-data-centers",
        "added": "telehouse-kddi"
      },
      {
        "removed": "vantage-data-centers",
        "added": "keppel-data-centres"
      },
      {
        "removed": "vantage-data-centers",
        "added": "nextdc"
      },
      {
        "removed": "vantage-data-centers",
        "added": "switch"
      },
      {
        "removed": "vantage-data-centers",
        "added": "ctrls"
      },
      {
        "removed": "vantage-data-centers",
        "added": "colt-dcs"
      },
      {
        "removed": "vantage-data-centers",
        "added": "macquarie-data-centres"
      },
      {
        "removed": "vantage-data-centers",
        "added": "nxtra"
      },
      {
        "removed": "vantage-data-centers",
        "added": "adani-connex"
      },
      {
        "removed": "vantage-data-centers",
        "added": "sify"
      },
      {
        "removed": "vantage-data-centers",
        "added": "core-scientific"
      },
      {
        "removed": "vantage-data-centers",
        "added": "applied-digital"
      },
      {
        "removed": "vantage-data-centers",
        "added": "atnorth"
      },
      {
        "removed": "vantage-data-centers",
        "added": "cdc-data-centres"
      },
      {
        "removed": "vantage-data-centers",
        "added": "bdx"
      },
      {
        "removed": "vantage-data-centers",
        "added": "edgecore"
      },
      {
        "removed": "vantage-data-centers",
        "added": "coresite"
      },
      {
        "removed": "vantage-data-centers",
        "added": "galaxy-data-centers"
      },
      {
        "removed": "vantage-data-centers",
        "added": "scala"
      },
      {
        "removed": "qts",
        "added": "stack-infrastructure"
      },
      {
        "removed": "qts",
        "added": "aligned-data-centers"
      },
      {
        "removed": "qts",
        "added": "airtrunk"
      },
      {
        "removed": "qts",
        "added": "crusoe"
      },
      {
        "removed": "qts",
        "added": "princeton-digital-group"
      },
      {
        "removed": "qts",
        "added": "data4"
      },
      {
        "removed": "qts",
        "added": "chindata"
      },
      {
        "removed": "qts",
        "added": "databank"
      },
      {
        "removed": "qts",
        "added": "global-switch"
      },
      {
        "removed": "qts",
        "added": "yondr"
      },
      {
        "removed": "qts",
        "added": "telehouse-kddi"
      },
      {
        "removed": "qts",
        "added": "keppel-data-centres"
      },
      {
        "removed": "qts",
        "added": "nextdc"
      },
      {
        "removed": "qts",
        "added": "switch"
      },
      {
        "removed": "qts",
        "added": "ctrls"
      },
      {
        "removed": "qts",
        "added": "colt-dcs"
      },
      {
        "removed": "qts",
        "added": "macquarie-data-centres"
      },
      {
        "removed": "qts",
        "added": "nxtra"
      },
      {
        "removed": "qts",
        "added": "adani-connex"
      },
      {
        "removed": "qts",
        "added": "sify"
      },
      {
        "removed": "qts",
        "added": "core-scientific"
      },
      {
        "removed": "qts",
        "added": "applied-digital"
      },
      {
        "removed": "qts",
        "added": "atnorth"
      },
      {
        "removed": "qts",
        "added": "cdc-data-centres"
      },
      {
        "removed": "qts",
        "added": "bdx"
      },
      {
        "removed": "qts",
        "added": "edgecore"
      },
      {
        "removed": "qts",
        "added": "coresite"
      },
      {
        "removed": "qts",
        "added": "galaxy-data-centers"
      },
      {
        "removed": "qts",
        "added": "scala"
      }
    ],
    "weightTests": "No numerical weights have empirical support. Alternative sets vary retail, regional, private platform and delivered HPC emphasis. Function coverage alone permits numerous swaps and therefore does not prove unique importance.",
    "estimateTests": [
      {
        "name": "Remove forward and mixed-stage inputs",
        "removedInputs": [
          "D2",
          "Y2",
          "S2",
          "M1",
          "M2",
          "M3",
          "M4",
          "M5",
          "A8",
          "A12",
          "A13",
          "A16"
        ],
        "result": "All selected companies retain current commercial role evidence. The base choice is unchanged because these inputs never determined it; this is not evidence that the last two places are objectively ordered."
      },
      {
        "name": "Definition-strict operating IT comparison",
        "excludedInputs": [
          "N1",
          "S1",
          "V1",
          "A6",
          "A14",
          "A17"
        ],
        "result": "Remaining values still do not cover the eligible universe. No complete ordinal ranking is identified."
      },
      {
        "name": "Plus or minus 20 percent illustrative measurement stress",
        "assumption": "Scale exact numeric observed operating or billing values by 0.8 and 1.2 independently; do not treat this range as a statistical confidence interval. Lower bounds and missing values are unbounded.",
        "result": "The study does not use a numeric cutoff, so operating qualification remains but no swap frequency or probability can be inferred. Adjacent DayOne/VNET magnitudes already overlap under this stress, even before scope bridges; do not ordinally rank them.",
        "example": {
          "dayone": [
            769.6,
            1154.4
          ],
          "vnet_wholesale_only": [
            805.6,
            1208.4
          ]
        }
      }
    ],
    "missingDataTests": [
      {
        "treatment": "Zero imputation",
        "result": "Rejected: mechanically excludes private/nondisclosing operators and GDS/Equinix for reporting other units."
      },
      {
        "treatment": "Unbounded unknown operating capacity",
        "result": "Accepted evidence state: eligibility may be established but quantitative rank is not identified. No publisher can claim tenth versus eleventh from these inputs."
      },
      {
        "treatment": "Revenue/capacity proxy fill",
        "result": "Rejected unless a future issuer-disclosed bridge uses the same period and asset boundary; no common PUE, rack density or USD per MW assumed."
      }
    ],
    "interpretation": "Scenario intersection is conditional on these editorial scenarios, not a statistical confidence level or probability of membership. A role-preserving swap is mathematically feasible, not automatically equally appropriate.",
    "cutoffPolicy": "Publish the ten as representatives alongside the material alternatives. For an ordinary close call, require two quarterly observations of a clearly stronger comparable role or activity before replacement; factual correction, completed control change, cessation or newly established commercial activity can trigger immediate reconsideration. No artificial tie-breaking decimal."
  },
  "changesVersusPrior": {
    "priorIds": [
      "vantage-data-centers",
      "stack-infrastructure",
      "aligned-data-centers",
      "qts",
      "airtrunk",
      "digital-realty",
      "ntt-global-data-centers",
      "dayone",
      "cyrusone",
      "cipher-digital"
    ],
    "removedPlacements": [
      "airtrunk",
      "aligned-data-centers",
      "cipher-digital",
      "stack-infrastructure"
    ],
    "addedCanonicalPlacements": [
      "equinix",
      "gds",
      "sttgdc",
      "vnet"
    ],
    "note": "Adds retail/interconnection and two China operators plus STTGDC; retains removed commercial operators as visible alternatives. Cipher is not chosen without confirmed current HPC delivery; construction does not mean zero potential or an investment judgment."
  },
  "limitations": [
    "This set is not the ten largest AI-only landlords or a prediction of returns. Most campus figures mix AI and non-AI.",
    "The latest observation can be older than the review date. Values are not nowcast to a common date.",
    "Issuer disclosures are not independent corroboration. Audited accounts and regulated filings strongly define facts but do not solve different business boundaries.",
    "Eligibility screening for all candidates is not a full current company dossier. All selected candidates have hash-matched full reviews; alternative candidates require full profiles before publication.",
    "Current third-party carrier activity could alter selection once boundaries are resolved. Access blocks are recorded and never converted to low scores."
  ],
  "refresh": {
    "daily": "At 12:00 America/New_York, monitor selected companies and material boundary alternatives for results, delivery, closure, ownership and corrections; record actual checks, failures and evidence changes. One catch-up after downtime.",
    "quarterly": "Reopen all 51 candidates, add new commercial suppliers before selection, and attempt in-service critical IT/recognized revenue bridges. Recompute within-company calculations and test alternatives.",
    "entry": "Current commercial delivery and a material unrepresented function or region, or more comparable activity that justifies replacing an incumbent. Financing alone is not entry.",
    "exit": "Ceased relevant operation, completed merger causing a duplicate group, corrected eligibility, or persistently stronger comparable alternatives. Removed profiles remain in the directory with dated history."
  },
  "packetCalculations": [
    {
      "entityId": "digital-realty",
      "calculation": {
        "name": "FY2025 revenue unit conversion",
        "expression": "6112692 USD thousands /1000",
        "result": 6112.692,
        "unit": "USDmillions"
      },
      "sourceReviewFile": "infrastructure/reviews/digital-realty.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "5e95f82cb037b635138e2f8399ebb0e51e11cad216fb5af6c3cf9c4bd3293cb3",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "digital-realty",
      "calculation": {
        "name": "Capacity boundaries",
        "expression": "3GW current +9GW future =12GW total pipeline; construction1.4GW isinside9GW",
        "result": 12,
        "unit": "GW",
        "limitation": "Roundedreportedphysicalfigures; notalloperating andnotownershipadjusted"
      },
      "sourceReviewFile": "infrastructure/reviews/digital-realty.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "5e95f82cb037b635138e2f8399ebb0e51e11cad216fb5af6c3cf9c4bd3293cb3",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "digital-realty",
      "calculation": {
        "name": "Institutionalpercentages",
        "inputs": [
          0.1092,
          0.0813,
          0.0788,
          0.060100004,
          0.056199998
        ],
        "expression": "100*fraction,rounded2decimals",
        "result": [
          10.92,
          8.13,
          7.88,
          6.01,
          5.62
        ],
        "limitation": "Provider June30snapshot; positionsnotsummed"
      },
      "sourceReviewFile": "infrastructure/reviews/digital-realty.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "5e95f82cb037b635138e2f8399ebb0e51e11cad216fb5af6c3cf9c4bd3293cb3",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "equinix",
      "calculation": {
        "name": "FY2025 geographic revenue reconciliation",
        "expression": "4111 + 3130 + 1976",
        "result": 9217,
        "unit": "USD millions",
        "sourceIds": [
          "equinix:eqix-10k-2025"
        ]
      },
      "sourceReviewFile": "infrastructure/reviews/equinix.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "equinix",
      "calculation": {
        "name": "Recurring revenue percentage from reported amounts",
        "expression": "8739 / 9217 * 100",
        "result": 94.81393078008028,
        "unit": "percent",
        "sourceIds": [
          "equinix:eqix-10k-2025"
        ],
        "qualification": "Printed 94% differs from computed 94.81%; no false precision in public summary."
      },
      "sourceReviewFile": "infrastructure/reviews/equinix.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "equinix",
      "calculation": {
        "name": "August senior note principal",
        "expression": "850 + 850 + 650 + 650",
        "result": 3000,
        "unit": "USD millions",
        "sourceIds": [
          "equinix:eqix-8k-notes"
        ]
      },
      "sourceReviewFile": "infrastructure/reviews/equinix.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "equinix",
      "calculation": {
        "name": "Provider holdings fractions",
        "expression": "pctHeld * 100, rounded to 2 decimals",
        "inputs": [
          0.116000004,
          0.0653,
          0.0618,
          0.061100002,
          0.0291
        ],
        "results": [
          11.6,
          6.53,
          6.18,
          6.11,
          2.91
        ],
        "sourceIds": [
          "equinix:yahoo-eqix"
        ]
      },
      "sourceReviewFile": "infrastructure/reviews/equinix.json",
      "sourceReviewCalculationIndex": 3,
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "ntt-global-data-centers",
      "calculation": {
        "name": "Overseas power capacity",
        "expression": "675 + 430 + 425 + 100",
        "result": 1630,
        "unit": "MW",
        "sourceIds": [
          "ntt-global-data-centers:ntt-q1"
        ],
        "note": "Rounded company regional values; operationally managed REIT assets included."
      },
      "sourceReviewFile": "infrastructure/reviews/ntt-global-data-centers.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "936f37066f8839f14911c8a6ceebe8947783594df6de7f40e19418cbb547297c",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "ntt-global-data-centers",
      "calculation": {
        "name": "Wider group available capacity",
        "expression": "675 + 430 + 425 + 455",
        "result": 1985,
        "unit": "MW",
        "sourceIds": [
          "ntt-global-data-centers:ntt-integrated"
        ],
        "note": "Wider scope; not added to overseas total."
      },
      "sourceReviewFile": "infrastructure/reviews/ntt-global-data-centers.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "936f37066f8839f14911c8a6ceebe8947783594df6de7f40e19418cbb547297c",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "ntt-global-data-centers",
      "calculation": {
        "name": "Quarterly USD sales growth",
        "expression": "(733 / 665 - 1) * 100",
        "result": 10.225563909774426,
        "unit": "percent",
        "sourceIds": [
          "ntt-global-data-centers:ntt-q1"
        ],
        "note": "Rounded reported USD amounts; growth is not pure recurring colocation growth."
      },
      "sourceReviewFile": "infrastructure/reviews/ntt-global-data-centers.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "936f37066f8839f14911c8a6ceebe8947783594df6de7f40e19418cbb547297c",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "ntt-global-data-centers",
      "calculation": {
        "name": "Chicago ownership",
        "expression": "50 + 30 + 20",
        "result": 100,
        "unit": "percent",
        "sourceIds": [
          "ntt-global-data-centers:ntt-tokyo-century"
        ],
        "note": "Asset venture only; not whole GDC ownership."
      },
      "sourceReviewFile": "infrastructure/reviews/ntt-global-data-centers.json",
      "sourceReviewCalculationIndex": 3,
      "packetSha256": "936f37066f8839f14911c8a6ceebe8947783594df6de7f40e19418cbb547297c",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "ntt-global-data-centers",
      "calculation": {
        "name": "Overseas March 2027 projected capacity",
        "expression": "950 + 485 + 470 + 135",
        "result": 2040,
        "unit": "MW",
        "sourceIds": [
          "ntt-global-data-centers:ntt-q1"
        ],
        "note": "Projection, not current capacity."
      },
      "sourceReviewFile": "infrastructure/reviews/ntt-global-data-centers.json",
      "sourceReviewCalculationIndex": 4,
      "packetSha256": "936f37066f8839f14911c8a6ceebe8947783594df6de7f40e19418cbb547297c",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "vantage-data-centers",
      "calculation": {
        "name": "Capacity conversion",
        "inputs": {
          "APAC_total_GW": 1,
          "Johor_full_development_MW_lower_bound": 300
        },
        "calculation": "1 GW × 1000 = 1000 MW; Johor is included in APAC, not additional; operating portion unknown.",
        "result": "No numeric operating-capacity ranking input"
      },
      "sourceReviewFile": "infrastructure/reviews/vantage-data-centers.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "1f69e1164078ed08ea58cfe24c55ac3d798ab2d3fc9f5219746158271d746858",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "vantage-data-centers",
      "calculation": {
        "name": "Overlapping capital amounts",
        "inputs": {
          "round_USD_bn": 9.2,
          "nine_month_aggregate_USD_bn": 11,
          "primary_equity_lower_bound_USD_bn": 7
        },
        "calculation": "$9.2bn is part of ~$11bn aggregate; >$7bn primary is also part, not another additive round.",
        "result": "Total equity raised remains unknown"
      },
      "sourceReviewFile": "infrastructure/reviews/vantage-data-centers.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "1f69e1164078ed08ea58cfe24c55ac3d798ab2d3fc9f5219746158271d746858",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "stack-infrastructure",
      "calculation": {
        "name": "Tokyo phasing",
        "inputs": [
          18,
          18
        ],
        "calculation": "18MW +18MW =36MW planned. Neither18MW tranche is marked commissioned without evidence.",
        "result": 36
      },
      "sourceReviewFile": "infrastructure/reviews/stack-infrastructure.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "a339b29c875dab7e24ffd124f277c5449c25d11e38ed69ccbde5607fa0812375",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "stack-infrastructure",
      "calculation": {
        "name": "Stafford substations",
        "inputs": {
          "substations": 6,
          "MW_each": 300
        },
        "calculation": "6×300=1800MW electrical substation design, not customer-ready IT MW; no conversion to operating capacity.",
        "result": "Excluded from operating comparison"
      },
      "sourceReviewFile": "infrastructure/reviews/stack-infrastructure.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "a339b29c875dab7e24ffd124f277c5449c25d11e38ed69ccbde5607fa0812375",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "stack-infrastructure",
      "calculation": {
        "name": "Louisiana investment revision",
        "inputs": {
          "original_USD_bn": 12,
          "updated_USD_bn": 18
        },
        "calculation": "18−12=6; 6/12=50% increase in customer planned investment. Not STACK revenue or installed capacity.",
        "result": {
          "increase_USD_bn": 6,
          "increase_pct": 50
        }
      },
      "sourceReviewFile": "infrastructure/reviews/stack-infrastructure.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "a339b29c875dab7e24ffd124f277c5449c25d11e38ed69ccbde5607fa0812375",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "stack-infrastructure",
      "calculation": {
        "name": "Cumulative debt",
        "inputs": {
          "March_financing_USD_bn": 4,
          "cumulative_debt_USD_bn": 20
        },
        "calculation": "4 is within20; do not total24.",
        "result": "20bn historical cumulative secured debt; current outstanding balance unknown"
      },
      "sourceReviewFile": "infrastructure/reviews/stack-infrastructure.json",
      "sourceReviewCalculationIndex": 3,
      "packetSha256": "a339b29c875dab7e24ffd124f277c5449c25d11e38ed69ccbde5607fa0812375",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "aligned-data-centers",
      "calculation": {
        "name": "Battery duration",
        "inputs": {
          "power_MW": 31,
          "energy_MWh": 62
        },
        "formula": "62/31",
        "result": 2,
        "unit": "hours at rated power; not IT capacity"
      },
      "sourceReviewFile": "infrastructure/reviews/aligned-data-centers.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "aligned-data-centers",
      "calculation": {
        "name": "Securitisation upsizing",
        "inputs": {
          "initial_USD_m": 905,
          "issued_USD_m": 1183
        },
        "formula": "(1183/905-1)*100",
        "result": 30.718232,
        "unit": "percent; company describes approximately30%"
      },
      "sourceReviewFile": "infrastructure/reviews/aligned-data-centers.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "aligned-data-centers",
      "calculation": {
        "name": "January2025 capital composition",
        "inputs": {
          "equity_USD_bn": ">5",
          "debt_commitments_USD_bn": ">7"
        },
        "formula": "Equity plus debt commitments exceeds12; do not label all12 as equity or cash drawn",
        "result": ">12bn combined commitments"
      },
      "sourceReviewFile": "infrastructure/reviews/aligned-data-centers.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "aligned-data-centers",
      "calculation": {
        "name": "Operating capacity eligibility",
        "inputs": {
          "mixed_GW": 6.4,
          "operating_GW": null
        },
        "formula": "No supported disaggregation; do not substitute6.4 for operating IT GW",
        "result": null
      },
      "sourceReviewFile": "infrastructure/reviews/aligned-data-centers.json",
      "sourceReviewCalculationIndex": 3,
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "qts",
      "calculation": {
        "name": "Carbon-free composition",
        "inputs": {
          "grid_pct": 16.7,
          "QTS_EAC_pct": 18.1,
          "customer_EAC_pct": 51.3,
          "noncarbonfree_pct": 13.9
        },
        "formula": "16.7+18.1+51.3=86.1;86.1+13.9=100",
        "result": 86.1,
        "scope": "Annual accounting, not continuous physical carbon-free power"
      },
      "sourceReviewFile": "infrastructure/reviews/qts.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "e499df27043137b62d14c0eca79c80e95913628236c3eb1ba819cd8ce26f8772",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "qts",
      "calculation": {
        "name": "Turkey municipal support",
        "inputs": {
          "annual_USD_m": 1.5,
          "years": 7,
          "additional_max_USD_m": 5
        },
        "formula": "1.5*7+5",
        "result": 15.5,
        "scope": "Maximum announced support before separate water contribution; not spent cash"
      },
      "sourceReviewFile": "infrastructure/reviews/qts.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "e499df27043137b62d14c0eca79c80e95913628236c3eb1ba819cd8ce26f8772",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "qts",
      "calculation": {
        "name": "Water pledge nesting",
        "inputs": {
          "global_USD_m": 1000,
          "Texas_USD_m": 250
        },
        "formula": "Texas is included within global commitment; do not add to1250",
        "result": 1000
      },
      "sourceReviewFile": "infrastructure/reviews/qts.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "e499df27043137b62d14c0eca79c80e95913628236c3eb1ba819cd8ce26f8772",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "qts",
      "calculation": {
        "name": "Capacity comparison",
        "inputs": {
          "contracted_GW": ">4.8",
          "in_service_IT_GW": null
        },
        "formula": "Contracted cannot substitute for in-service; no unsupported conversion",
        "result": null
      },
      "sourceReviewFile": "infrastructure/reviews/qts.json",
      "sourceReviewCalculationIndex": 3,
      "packetSha256": "e499df27043137b62d14c0eca79c80e95913628236c3eb1ba819cd8ce26f8772",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "airtrunk",
      "calculation": {
        "name": "Johor capacity scope",
        "formula": "420 + 280 = 700",
        "inputs": {
          "existing_or_planned_campuses_MW_lower_bound": 420,
          "newly_planned_MW_lower_bound": 280
        },
        "result": 700,
        "unit": "MW lower-bound campus maxima",
        "interpretation": "Arithmetic checks consistency of approximate disclosure; not an operating total."
      },
      "sourceReviewFile": "infrastructure/reviews/airtrunk.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "0274dde3f0ad90ede3604171d35b664cf0dbd6aad07a0677a4af06fc3a51e83f",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "airtrunk",
      "calculation": {
        "name": "No pipeline addition",
        "formula": "Do not add India 5GW target to the existing 3.3GW mixed-stage portfolio",
        "reason": "The portfolio already includes the Lumina base; target replaces or expands that plan and has a different horizon."
      },
      "sourceReviewFile": "infrastructure/reviews/airtrunk.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "0274dde3f0ad90ede3604171d35b664cf0dbd6aad07a0677a4af06fc3a51e83f",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "airtrunk",
      "calculation": {
        "name": "Financing non-additivity",
        "formula": "No sum across A$16bn refinancing and later site loans",
        "reason": "Refinancing, overlapping facilities, currencies and drawing status are not reconciled."
      },
      "sourceReviewFile": "infrastructure/reviews/airtrunk.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "0274dde3f0ad90ede3604171d35b664cf0dbd6aad07a0677a4af06fc3a51e83f",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "dayone",
      "calculation": {
        "name": "H1 revenue reconciliation",
        "expression": "511.820 + 0.204",
        "result": 512.024,
        "unit": "USD millions",
        "sourceIds": [
          "dayone:d1-f1"
        ]
      },
      "sourceReviewFile": "infrastructure/reviews/dayone.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "dayone",
      "calculation": {
        "name": "H1 revenue growth",
        "expression": "(512.024 / 151.500 - 1) * 100",
        "result": 237.96963696369636,
        "unit": "percent",
        "sourceIds": [
          "dayone:d1-f1"
        ],
        "note": "Approximately 238.0%; same six-month periods, not annualized revenue."
      },
      "sourceReviewFile": "infrastructure/reviews/dayone.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "dayone",
      "calculation": {
        "name": "Borrowings",
        "expression": "77.759 + 4348.696",
        "result": 4426.455,
        "unit": "USD millions",
        "sourceIds": [
          "dayone:d1-f1"
        ],
        "note": "Excludes separately reported lease liabilities; not net debt."
      },
      "sourceReviewFile": "infrastructure/reviews/dayone.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "dayone",
      "calculation": {
        "name": "Coatue as-converted stake",
        "expression": "64157144 / 329342858 * 100",
        "result": 19.48035077779036,
        "unit": "percent",
        "sourceIds": [
          "dayone:d1-f1"
        ]
      },
      "sourceReviewFile": "infrastructure/reviews/dayone.json",
      "sourceReviewCalculationIndex": 3,
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "dayone",
      "calculation": {
        "name": "Hillhouse as-converted stake",
        "expression": "64152591 / 329342858 * 100",
        "result": 19.47896832789372,
        "unit": "percent",
        "sourceIds": [
          "dayone:d1-f1"
        ]
      },
      "sourceReviewFile": "infrastructure/reviews/dayone.json",
      "sourceReviewCalculationIndex": 4,
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "cyrusone",
      "calculation": {
        "name": "Texas agreement scope",
        "expression": "400 + 380 + 380",
        "result": 1160,
        "unit": "MW electrical supply",
        "sourceIds": [
          "cyrusone:c1-freestone"
        ],
        "note": "Includes exclusive second-phase agreement; not current IT load."
      },
      "sourceReviewFile": "infrastructure/reviews/cyrusone.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "e2d695cad350b750f1b43010c037c153ccf9a488aa498b90a395d807dded0d47",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "cyrusone",
      "calculation": {
        "name": "Facilities total",
        "expression": "3.8 + 4.2",
        "result": 8.0,
        "unit": "USD billions",
        "sourceIds": [
          "cyrusone:c1-loans"
        ],
        "note": "Commitments include refinancing, not new cash."
      },
      "sourceReviewFile": "infrastructure/reviews/cyrusone.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "e2d695cad350b750f1b43010c037c153ccf9a488aa498b90a395d807dded0d47",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "cyrusone",
      "calculation": {
        "name": "Milan planned IT halls",
        "expression": "3 * 9",
        "result": 27,
        "unit": "MW IT",
        "sourceIds": [
          "cyrusone:c1-italy"
        ],
        "note": "Future project capacity."
      },
      "sourceReviewFile": "infrastructure/reviews/cyrusone.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "e2d695cad350b750f1b43010c037c153ccf9a488aa498b90a395d807dded0d47",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "gds",
      "calculation": {
        "name": "Utilisation",
        "formula": "542236 / 684977 * 100",
        "result": 79.16119811322132,
        "reportedRounded": 79.2
      },
      "sourceReviewFile": "applications/reviews/gds.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "8210ccefd7751f502d6df14bc55b879a08aea677168fcbeef51da396b32c4119",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "gds",
      "calculation": {
        "name": "H1 service revenue share",
        "formula": "6453.347 / 6455.049 * 100",
        "result": 99.9736330429095
      },
      "sourceReviewFile": "applications/reviews/gds.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "8210ccefd7751f502d6df14bc55b879a08aea677168fcbeef51da396b32c4119",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "gds",
      "calculation": {
        "name": "Q2 operating margin",
        "formula": "439.171 / 3087.950 * 100",
        "result": 14.222089088230055
      },
      "sourceReviewFile": "applications/reviews/gds.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "8210ccefd7751f502d6df14bc55b879a08aea677168fcbeef51da396b32c4119",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "vnet",
      "calculation": {
        "name": "Wholesale utilisation",
        "formula": "744 / 1007 * 100",
        "result": 73.88282025819265,
        "reportedRounded": 73.9
      },
      "sourceReviewFile": "applications/reviews/vnet.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "vnet",
      "calculation": {
        "name": "Retail utilisation",
        "formula": "32314 / 50081 * 100",
        "result": 64.52347197539984,
        "reportedRounded": 64.5
      },
      "sourceReviewFile": "applications/reviews/vnet.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "vnet",
      "calculation": {
        "name": "Buyer share percentage",
        "formula": "650424192 / 1708970760 * 100",
        "result": 38.05941021483598,
        "reportedRounded": 38.1
      },
      "sourceReviewFile": "applications/reviews/vnet.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "sttgdc",
      "calculation": {
        "name": "Ownership reconciliation",
        "formula": "75% + 25% = 100%",
        "sourceIds": [
          "sttgdc:stt-completion"
        ]
      },
      "sourceReviewFile": "infrastructure/reviews/sttgdc.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "e8f155cf9625b430984863c468689cabd2144e9854d65bd293bcc8b8821df19e",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "sttgdc",
      "calculation": {
        "name": "Unresolved operational baseline",
        "formula": "780 / 1.25 = 624 MW, inconsistent with February disclosure of >670 MW at December2025. No bridge invented and growth series not used.",
        "sourceIds": [
          "sttgdc:stt-operating",
          "sttgdc:stt-agreement"
        ]
      },
      "sourceReviewFile": "infrastructure/reviews/sttgdc.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "e8f155cf9625b430984863c468689cabd2144e9854d65bd293bcc8b8821df19e",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "sttgdc",
      "calculation": {
        "name": "Deferred acquisition consideration",
        "formula": "SGD3300m at closing + SGD3300m deferred = SGD6600m seller consideration; separate from enterprise value, debt and company proceeds.",
        "sourceIds": [
          "sttgdc:stt-agreement"
        ]
      },
      "sourceReviewFile": "infrastructure/reviews/sttgdc.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "e8f155cf9625b430984863c468689cabd2144e9854d65bd293bcc8b8821df19e",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "crusoe",
      "calculation": {
        "name": "Microsoft campus IT design",
        "formula": "336*2",
        "result": 672,
        "unit": "MW IT planned",
        "sourceIds": [
          "crusoe:cr-abilene-msft"
        ],
        "classification": "design capacity, not operational"
      },
      "sourceReviewFile": "infrastructure/reviews/crusoe.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "crusoe",
      "calculation": {
        "name": "Gross/IT design ratio",
        "formula": "900/672",
        "result": 1.3392857142857142,
        "sourceIds": [
          "crusoe:cr-abilene-msft"
        ],
        "classification": "design ratio for one proposed campus; not a measured PUE or fleet conversion"
      },
      "sourceReviewFile": "infrastructure/reviews/crusoe.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "crusoe",
      "calculation": {
        "name": "Anticipated funding sum rejected",
        "formula": "600+1375+3900",
        "result": 5875,
        "unit": "USDm",
        "sourceIds": [
          "crusoe:cr-seriesd",
          "crusoe:cr-seriese",
          "crusoe:cr-seriesf"
        ],
        "classification": "invalid cumulative proceeds: last two inputs are anticipated round sizes"
      },
      "sourceReviewFile": "infrastructure/reviews/crusoe.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "cipher-digital",
      "calculation": {
        "name": "Restricted cash",
        "expression": "3188.452 + 539.506",
        "result": 3727.958,
        "unit": "USD million",
        "sourceIds": [
          "cipher-digital:cifr-q2"
        ]
      },
      "sourceReviewFile": "infrastructure/reviews/cipher-digital.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "5fcc635c47506a2f9f785cd2d3df6a504ca59a96c6468afef0596fa7aa46d284",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "cipher-digital",
      "calculation": {
        "name": "Borrowings carrying value",
        "expression": "94.484 + 5446.866",
        "result": 5541.35,
        "unit": "USD million",
        "sourceIds": [
          "cipher-digital:cifr-q2"
        ]
      },
      "sourceReviewFile": "infrastructure/reviews/cipher-digital.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "5fcc635c47506a2f9f785cd2d3df6a504ca59a96c6468afef0596fa7aa46d284",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "cipher-digital",
      "calculation": {
        "name": "Combined V3 beneficial holdings",
        "expression": "29068312 + 25603382",
        "result": 54671694,
        "unit": "shares",
        "sourceIds": [
          "cipher-digital:cifr-13d"
        ],
        "note": "Overlapping reporting persons must not be added again."
      },
      "sourceReviewFile": "infrastructure/reviews/cipher-digital.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "5fcc635c47506a2f9f785cd2d3df6a504ca59a96c6468afef0596fa7aa46d284",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "cipher-digital",
      "calculation": {
        "name": "Estimated financing proceeds after capped-call cost",
        "expression": "835.1 - 89.7",
        "result": 745.4,
        "unit": "USD million",
        "sourceIds": [
          "cipher-digital:cifr-finance-price"
        ],
        "note": "Before other offering expenses; not a current cash balance."
      },
      "sourceReviewFile": "infrastructure/reviews/cipher-digital.json",
      "sourceReviewCalculationIndex": 3,
      "packetSha256": "5fcc635c47506a2f9f785cd2d3df6a504ca59a96c6468afef0596fa7aa46d284",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "cipher-digital",
      "calculation": {
        "name": "Barber Lake estimated cost increase",
        "expression": "[2941,2966] - 2157",
        "result": [
          784,
          809
        ],
        "unit": "USD million",
        "sourceIds": [
          "cipher-digital:cifr-oct-deck"
        ],
        "note": "Estimated all-in cost increase; not cash spent or net unreimbursed cost."
      },
      "sourceReviewFile": "infrastructure/reviews/cipher-digital.json",
      "sourceReviewCalculationIndex": 4,
      "packetSha256": "5fcc635c47506a2f9f785cd2d3df6a504ca59a96c6468afef0596fa7aa46d284",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "iren",
      "calculation": {
        "name": "Annual revenue reconciliation",
        "formula": "128.8+578.2",
        "result": 707.0,
        "unit": "USDm",
        "sourceIds": [
          "iren:ir-fy26"
        ]
      },
      "sourceReviewFile": "infrastructure/reviews/iren.json",
      "sourceReviewCalculationIndex": 0,
      "packetSha256": "31e1905ace589290795b3b66dbe2d6ee3fcbf4d696efe4d0f22428a784bc942c",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "iren",
      "calculation": {
        "name": "Mining share of annual revenue",
        "formula": "578.2/707.0*100",
        "result": 81.7821782178218,
        "unit": "%",
        "sourceIds": [
          "iren:ir-fy26"
        ]
      },
      "sourceReviewFile": "infrastructure/reviews/iren.json",
      "sourceReviewCalculationIndex": 1,
      "packetSha256": "31e1905ace589290795b3b66dbe2d6ee3fcbf4d696efe4d0f22428a784bc942c",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    },
    {
      "entityId": "iren",
      "calculation": {
        "name": "Operating ARR definition",
        "formula": "sum(contracted_GPU_hour_price*commissioned_GPU_count*8760)+annualized_storage_and_ancillaries",
        "result": null,
        "sourceIds": [
          "iren:ir-fy26"
        ],
        "classification": "issuer-defined operating indicator; raw GPU prices/counts unavailable, not reproduced as GAAP revenue"
      },
      "sourceReviewFile": "infrastructure/reviews/iren.json",
      "sourceReviewCalculationIndex": 2,
      "packetSha256": "31e1905ace589290795b3b66dbe2d6ee3fcbf4d696efe4d0f22428a784bc942c",
      "selectionUse": "Fact reconstruction only; not an additional importance weight."
    }
  ],
  "relationshipEvidence": [
    {
      "entityId": "digital-realty",
      "relation": "customers",
      "evidence": {
        "name": "Unnamed largest customer",
        "entityId": null,
        "detail": "About 11.7% of annualized recurring revenue (about 12% of total revenue) at December 31, 2025; no other customer above about 9.0% of ARR.",
        "status": "historical",
        "evidence": "filing",
        "sourceIds": [
          "digital-realty:dlr-10k-2025"
        ],
        "locator": "Form 10-K FY2025, Item 1 — Global Customer Base; Note on revenue concentration"
      },
      "packetSha256": "5e95f82cb037b635138e2f8399ebb0e51e11cad216fb5af6c3cf9c4bd3293cb3",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "digital-realty",
      "relation": "customers",
      "evidence": {
        "name": "Top 20 customers (unnamed)",
        "entityId": null,
        "detail": "The 20 largest customers were about 51% of annualized recurring revenue and the top three about 26% at December 31, 2025; 20 of 310 data centers are single-customer buildings, including some used solely by the top three.",
        "status": "historical",
        "evidence": "filing",
        "sourceIds": [
          "digital-realty:dlr-10k-2025"
        ],
        "locator": "Form 10-K FY2025, Item 1A Risk Factors — customer concentration"
      },
      "packetSha256": "5e95f82cb037b635138e2f8399ebb0e51e11cad216fb5af6c3cf9c4bd3293cb3",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "digital-realty",
      "relation": "customers",
      "evidence": {
        "name": "Blackfuel",
        "entityId": null,
        "detail": "Digital Realty announced that Blackfuel selected its BCN1 facility in Barcelona for liquid-cooled AI inference infrastructure, connected through ServiceFabric. The announcement does not disclose customer revenue or a precise MW amount.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "digital-realty:dlr-blackfuel"
        ],
        "locator": "September 30 release, opening paragraphs"
      },
      "packetSha256": "5e95f82cb037b635138e2f8399ebb0e51e11cad216fb5af6c3cf9c4bd3293cb3",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "digital-realty",
      "relation": "suppliers",
      "evidence": {
        "name": "Major mechanical and electrical equipment manufacturers (unnamed)",
        "entityId": null,
        "detail": "Digital Realty uses global purchasing agreements with major equipment makers to cut costs and lead times for key components.",
        "status": "current",
        "evidence": "filing",
        "sourceIds": [
          "digital-realty:dlr-10k-2025"
        ],
        "locator": "Form 10-K FY2025, Item 1 — development and construction"
      },
      "packetSha256": "5e95f82cb037b635138e2f8399ebb0e51e11cad216fb5af6c3cf9c4bd3293cb3",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "digital-realty",
      "relation": "partners",
      "evidence": {
        "name": "Teraco",
        "entityId": null,
        "detail": "South Africa's largest interconnected data-center platform, majority-owned by Digital Realty since August 1, 2022.",
        "status": "current",
        "evidence": "filing",
        "sourceIds": [
          "digital-realty:dlr-10k-2025"
        ],
        "locator": "Form 10-K FY2025, Item 1 — Our Data Center Portfolio"
      },
      "packetSha256": "5e95f82cb037b635138e2f8399ebb0e51e11cad216fb5af6c3cf9c4bd3293cb3",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "digital-realty",
      "relation": "partners",
      "evidence": {
        "name": "Columbia Capital",
        "entityId": null,
        "detail": "Digital-infrastructure investment firm that Digital Realty announced a deal to acquire in Q2 2026, to expand its private-capital business.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "digital-realty:dlr-q2-2026"
        ],
        "locator": "Q2 2026 results release, CEO quote"
      },
      "packetSha256": "5e95f82cb037b635138e2f8399ebb0e51e11cad216fb5af6c3cf9c4bd3293cb3",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "equinix",
      "relation": "customers",
      "evidence": {
        "name": "Unnamed largest customer",
        "entityId": null,
        "detail": "Largest customer was about 3% of recurring revenues in FY2025 (also about 3% in FY2024 and FY2023); no customer reached 10% of total revenues or receivables.",
        "status": "historical",
        "evidence": "filing",
        "sourceIds": [
          "equinix:eqix-10k-2025"
        ],
        "locator": "Form 10-K FY2025, Item 1 — Customers; Note 18"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "equinix",
      "relation": "customers",
      "evidence": {
        "name": "50 largest customers (unnamed)",
        "entityId": null,
        "detail": "Together about 36% of recurring revenues in FY2025 (36% in FY2024, 37% in FY2023). More than 90% of monthly recurring revenue bookings come from existing customers.",
        "status": "historical",
        "evidence": "filing",
        "sourceIds": [
          "equinix:eqix-10k-2025"
        ],
        "locator": "Form 10-K FY2025, Item 1 — Customers"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "equinix",
      "relation": "customers",
      "evidence": {
        "name": "Hyperscale cloud providers (unnamed xScale tenants)",
        "entityId": null,
        "detail": "xScale serves hyperscale cloud customers. The reviewed disclosures do not identify a complete tenant list or MW by customer; the previously quoted 134 MW quarterly leasing figure is omitted pending inspection of its underlying earnings-call record.",
        "status": "current",
        "evidence": "filing",
        "sourceIds": [
          "equinix:eqix-10k-2025"
        ],
        "locator": "FY2025 Form 10-K, Item 1: xScale Data Centers"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "equinix",
      "relation": "suppliers",
      "evidence": {
        "name": "Schneider Electric",
        "entityId": "schneider-electric",
        "detail": "Equinix piloted Schneider's software-defined medium-voltage switchgear in a live colocation data center, per Schneider's September 28, 2026 launch announcement.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "equinix:gnw-se-sdmv"
        ],
        "locator": "Schneider Electric press release, September 28, 2026"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "equinix",
      "relation": "suppliers",
      "evidence": {
        "name": "Bloom Energy",
        "entityId": "bloom",
        "detail": "Existing fuel-cell supplier. The August 2025 announcement describes an agreement to expand deployment above 100 MW across more than 19 facilities in six states; it does not establish that the entire expansion is operating.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "equinix:eqix-alt-energy"
        ],
        "locator": "Equinix press release, August 14, 2025"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "equinix",
      "relation": "suppliers",
      "evidence": {
        "name": "Oklo",
        "entityId": "oklo",
        "detail": "Equinix announced a 500 MW prospective procurement arrangement in 2024. Its August 2025 release describes future advanced nuclear supply, not operating generation. Binding terms and delivery progress are not established by that announcement.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "equinix:eqix-alt-energy"
        ],
        "locator": "August 14, 2025 release, next-generation nuclear section"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "equinix",
      "relation": "suppliers",
      "evidence": {
        "name": "Radiant",
        "entityId": null,
        "detail": "Preorder for 20 Kaleidos portable microreactors (announced August 2025).",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "equinix:eqix-alt-energy"
        ],
        "locator": "Equinix press release, August 14, 2025"
      },
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    },
    {
      "entityId": "equinix",
      "relation": "suppliers",
      "evidence": {
        "name": "ULC-Energy (Rolls-Royce SMR technology)",
        "entityId": null,
        "detail": "Letter of intent toward a power purchase agreement for up to 250 MWe of small-modular-reactor power in the Netherlands (announced August 2025).",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "equinix:eqix-alt-energy"
        ],
        "locator": "Equinix press release, August 14, 2025"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
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    },
    {
      "entityId": "equinix",
      "relation": "suppliers",
      "evidence": {
        "name": "Stellaria",
        "entityId": null,
        "detail": "Pre-order power agreement for 500 MWe from Stellaria's molten-salt reactor design to support European data centers (announced August 2025).",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "equinix:eqix-alt-energy"
        ],
        "locator": "Equinix press release, August 14, 2025"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "equinix",
      "relation": "partners",
      "evidence": {
        "name": "GIC",
        "entityId": null,
        "detail": "Joint-venture capital partner. Equinix’s FY2025 filing documents the AMER 3 venture and its 25% economic interest, including a January 2026 campus transfer and cash contribution. The joint venture’s projects are not wholly owned Equinix assets.",
        "status": "current",
        "evidence": "filing",
        "sourceIds": [
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        ],
        "locator": "FY2025 Form 10-K, Notes 5 and 19"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "equinix",
      "relation": "partners",
      "evidence": {
        "name": "CPP Investments",
        "entityId": null,
        "detail": "Controls approximately 51% of independently operated atNorth after the September 2026 acquisition; Equinix holds approximately 34%, Partners Group approximately 10%, and internal stakeholders the remainder.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "equinix:eqix-atnorth-pr"
        ],
        "locator": "Corrected September 2 release, ownership paragraph"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "equinix",
      "relation": "partners",
      "evidence": {
        "name": "atNorth",
        "entityId": null,
        "detail": "Independent Nordic operator with eight operating facilities at the September 2026 transaction. Equinix committed approximately $895 million for a 34% interest in the $4 billion acquisition. Its assets must not also be counted wholly as Equinix capacity.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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        ],
        "locator": "Corrected September 2 release"
      },
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      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "equinix",
      "relation": "partners",
      "evidence": {
        "name": "NVIDIA",
        "entityId": "nvidia",
        "detail": "Collaborates with Equinix and Cisco on enterprise AI architectures. NVIDIA reference architectures are also specified for Inference Exchange, whose launch is planned for Q1 2027.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "equinix:eqix-inference-pr",
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        ],
        "locator": "Press releases, September 2, 2026 and July 29, 2026"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
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    },
    {
      "entityId": "equinix",
      "relation": "partners",
      "evidence": {
        "name": "Cisco",
        "entityId": "cisco",
        "detail": "Expanded collaboration with Cisco and NVIDIA to deploy standardized AI factory architectures in Equinix data centers (announced with Q2 2026 results).",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "equinix:eqix-q2-2026-pr"
        ],
        "locator": "Q2 2026 results press release, business highlights"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "equinix",
      "relation": "partners",
      "evidence": {
        "name": "Together AI",
        "entityId": null,
        "detail": "Named platform partner for the announced Inference Exchange, planned for Q1 2027. This agreement is not evidence of current service revenue.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
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        ],
        "locator": "Press release, September 2, 2026"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
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    },
    {
      "entityId": "equinix",
      "relation": "partners",
      "evidence": {
        "name": "Amazon Web Services",
        "entityId": "amazon",
        "detail": "Lead integration partner for Equinix Fabric One; co-developed the open interconnect specifications it uses.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "equinix:eqix-fabric-one-pr"
        ],
        "locator": "Press release, September 2, 2026"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "equinix",
      "relation": "partners",
      "evidence": {
        "name": "Google Cloud",
        "entityId": "alphabet",
        "detail": "Lead integration partner for Equinix Fabric One; co-developed the open interconnect specifications it uses.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "equinix:eqix-fabric-one-pr"
        ],
        "locator": "Press release, September 2, 2026"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "equinix",
      "relation": "partners",
      "evidence": {
        "name": "Palo Alto Networks",
        "entityId": "palo-alto",
        "detail": "Prisma AIRS is the first security integration named for the Distributed AI Hub in its March 2026 launch release.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "equinix:eqix-ai-hub"
        ],
        "locator": "March 11 release, security integration"
      },
      "packetSha256": "b2dc78353adc3389d88d96d9b568c3f4a11c570bf992847ea0341a73bbccafa1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "ntt-global-data-centers",
      "relation": "customers",
      "evidence": {
        "name": "Unnamed major hyperscale provider (VA11)",
        "entityId": null,
        "detail": "More than 90MW contracted at VA11 in March 2026; the customer identity and complete delivery schedule were not disclosed.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "ntt-global-data-centers:ntt-115mw"
        ],
        "locator": "Commitments release, 2026-03-03"
      },
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      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "ntt-global-data-centers",
      "relation": "customers",
      "evidence": {
        "name": "Unnamed hyperscale cloud providers",
        "entityId": null,
        "detail": "December 2025 agreements covered more than 130MW across four US campuses; the announcement does not identify tenants or prove all contracted capacity is operating.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "ntt-global-data-centers:ntt-130mw"
        ],
        "locator": "Hyperscale agreements release, 2025-12-04"
      },
      "packetSha256": "936f37066f8839f14911c8a6ceebe8947783594df6de7f40e19418cbb547297c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "ntt-global-data-centers",
      "relation": "customers",
      "evidence": {
        "name": "Unnamed enterprises (financial services, gaming, cybersecurity)",
        "entityId": null,
        "detail": "Three enterprises contracted nearly 20MW across Gainesville, Chicago and Sacramento; identities were not disclosed.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "ntt-global-data-centers:ntt-115mw"
        ],
        "locator": "Commitments release, 2026-03-03"
      },
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    },
    {
      "entityId": "ntt-global-data-centers",
      "relation": "customers",
      "evidence": {
        "name": "PhonePe",
        "entityId": null,
        "detail": "A company case study describes PhonePe’s private-cloud deployment and liquid immersion cooling within NTT facilities. It does not establish current contract value or an AI-specific workload.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "ntt-global-data-centers:ntt-phonepe"
        ],
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      },
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      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "ntt-global-data-centers",
      "relation": "suppliers",
      "evidence": {
        "name": "ENGIE",
        "entityId": "engie",
        "detail": "Renewable-energy arrangements include an operational UK 24MW wind-farm PPA through September 2030. Renewable generation capacity is not additional IT load.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "ntt-global-data-centers:ntt-engie"
        ],
        "locator": "ENGIE partnership release, 2026-07-29"
      },
      "packetSha256": "936f37066f8839f14911c8a6ceebe8947783594df6de7f40e19418cbb547297c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "ntt-global-data-centers",
      "relation": "partners",
      "evidence": {
        "name": "Tokyo Century and JICT",
        "entityId": null,
        "detail": "Chicago campus co-investors. Tokyo Century’s FY ended March 2026 presentation shows TC 50%, JICT 30% and NTT group 20% in the Chicago JV; these percentages do not apply to GDC globally.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "ntt-global-data-centers:ntt-tokyo-century",
          "ntt-global-data-centers:ntt-chicago-plan"
        ],
        "locator": "pp16 and 39; earlier three-building 104MW planned campus"
      },
      "packetSha256": "936f37066f8839f14911c8a6ceebe8947783594df6de7f40e19418cbb547297c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "ntt-global-data-centers",
      "relation": "partners",
      "evidence": {
        "name": "NTT DC REIT",
        "entityId": null,
        "detail": "Transferred properties continue to be operated by NTT and remain included in the overseas power-capacity measure. Counting the REIT separately would duplicate the operating footprint.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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        ],
        "locator": "p11 footnote1"
      },
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      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "ntt-global-data-centers",
      "relation": "partners",
      "evidence": {
        "name": "Dell Technologies and NVIDIA",
        "entityId": null,
        "detail": "Technology partners for AI Factory Munich; Dell supplies infrastructure and services and NVIDIA provides accelerated computing, networking and software.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "ntt-global-data-centers:ntt-munich"
        ],
        "locator": "Named technology partner roles"
      },
      "packetSha256": "936f37066f8839f14911c8a6ceebe8947783594df6de7f40e19418cbb547297c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vantage-data-centers",
      "relation": "customers",
      "evidence": {
        "name": "OpenAI",
        "entityId": "openai",
        "detail": "Named with Oracle as the demand behind the Lighthouse Stargate campus in Port Washington, Wisconsin (close to 1GW, completion targeted 2028).",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "vantage-data-centers:v-lighthouse"
        ],
        "locator": "Stargate Wisconsin release, 2025-10-22"
      },
      "packetSha256": "1f69e1164078ed08ea58cfe24c55ac3d798ab2d3fc9f5219746158271d746858",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vantage-data-centers",
      "relation": "customers",
      "evidence": {
        "name": "Oracle",
        "entityId": "oracle",
        "detail": "Co-announced the Lighthouse Stargate campus with OpenAI and Vantage; Oracle and OpenAI are the capacity customers, Vantage the developer and operator.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "vantage-data-centers:v-lighthouse"
        ],
        "locator": "Stargate Wisconsin release, 2025-10-22"
      },
      "packetSha256": "1f69e1164078ed08ea58cfe24c55ac3d798ab2d3fc9f5219746158271d746858",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vantage-data-centers",
      "relation": "customers",
      "evidence": {
        "name": "Nebius",
        "entityId": "nebius",
        "detail": "Deploying high-density NVIDIA infrastructure at Vantage's CWL1 campus in Newport, Wales, as part of its UK expansion; MW not disclosed.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "vantage-data-centers:v-nebius-wire"
        ],
        "locator": "Nebius release, 2026-08-13"
      },
      "packetSha256": "1f69e1164078ed08ea58cfe24c55ac3d798ab2d3fc9f5219746158271d746858",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vantage-data-centers",
      "relation": "suppliers",
      "evidence": {
        "name": "Liberty Energy (Liberty Power Innovations)",
        "entityId": null,
        "detail": "Partnership for up to 1GW of on-site power within five years, with 400MW of 2027 generation reserved; Liberty owns and operates the generation and sells power services to Vantage's tenants.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "vantage-data-centers:v-liberty-issuer"
        ],
        "locator": "Liberty Energy release, 2026-01-05"
      },
      "packetSha256": "1f69e1164078ed08ea58cfe24c55ac3d798ab2d3fc9f5219746158271d746858",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vantage-data-centers",
      "relation": "suppliers",
      "evidence": {
        "name": "VoltaGrid",
        "entityId": null,
        "detail": "Partnership to deploy more than 1GW of natural-gas microgrid generation across Vantage's North American portfolio.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "vantage-data-centers:v-voltagrid"
        ],
        "locator": "VoltaGrid release, 2025-02-11"
      },
      "packetSha256": "1f69e1164078ed08ea58cfe24c55ac3d798ab2d3fc9f5219746158271d746858",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vantage-data-centers",
      "relation": "suppliers",
      "evidence": {
        "name": "WEC Energy Group (We Energies)",
        "entityId": null,
        "detail": "We Energies is the utility named for Lighthouse. Vantage proposed paying the required power infrastructure costs through a dedicated electricity rate; that proposal is not evidence that the new supply is operating.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "vantage-data-centers:v-lighthouse"
        ],
        "locator": "Stargate Wisconsin release, 2025-10-22"
      },
      "packetSha256": "1f69e1164078ed08ea58cfe24c55ac3d798ab2d3fc9f5219746158271d746858",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vantage-data-centers",
      "relation": "partners",
      "evidence": {
        "name": "Altarea",
        "entityId": null,
        "detail": "French developer partnering with Vantage on a campus near Bordeaux with a secured 400MW grid connection; Vantage's first French market.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "vantage-data-centers:v-altarea"
        ],
        "locator": "Altarea release, 2026-02-24"
      },
      "packetSha256": "1f69e1164078ed08ea58cfe24c55ac3d798ab2d3fc9f5219746158271d746858",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vantage-data-centers",
      "relation": "partners",
      "evidence": {
        "name": "Evercore and Wells Fargo Securities",
        "entityId": null,
        "detail": "Lead arrangers of a $2 billion development-stage credit facility for the North American platform (September 2026).",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "vantage-data-centers:v-credit-2026"
        ],
        "locator": "Credit facility release, 2026-09-14"
      },
      "packetSha256": "1f69e1164078ed08ea58cfe24c55ac3d798ab2d3fc9f5219746158271d746858",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "stack-infrastructure",
      "relation": "customers",
      "evidence": {
        "name": "Oracle",
        "entityId": "oracle",
        "detail": "STACK’s September 2025 announcement identifies Oracle as the customer for the planned New Mexico Stargate campus. Oracle’s later power-plan and September flood statements confirm the relationship. No inaccessible press allegation is treated as an established fact.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "stack-infrastructure:stack-jupiter",
          "stack-infrastructure:stack-jupiter-fuel",
          "stack-infrastructure:stack-jupiter-floods"
        ],
        "locator": "Named customer and joint project disclosures"
      },
      "packetSha256": "a339b29c875dab7e24ffd124f277c5449c25d11e38ed69ccbde5607fa0812375",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "stack-infrastructure",
      "relation": "customers",
      "evidence": {
        "name": "Amazon",
        "entityId": "amazon",
        "detail": "Amazon identifies STACK as developer and owner of all three planned Louisiana campuses. Its August 2026 update raises its planned investment to $18 billion; lease pricing, MW and STACK’s revenue remain undisclosed.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "stack-infrastructure:stack-louisiana"
        ],
        "locator": "Amazon August 18 update: STACK developer/owner paragraph"
      },
      "packetSha256": "a339b29c875dab7e24ffd124f277c5449c25d11e38ed69ccbde5607fa0812375",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "stack-infrastructure",
      "relation": "suppliers",
      "evidence": {
        "name": "Dominion Energy",
        "entityId": null,
        "detail": "The January 2025 Stafford plan names Dominion for six proposed 300MW substations; commissioning and IT capacity are separate.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "stack-infrastructure:stack-stafford"
        ],
        "locator": "Stafford release, 2025-01-16"
      },
      "packetSha256": "a339b29c875dab7e24ffd124f277c5449c25d11e38ed69ccbde5607fa0812375",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "stack-infrastructure",
      "relation": "suppliers",
      "evidence": {
        "name": "Natixis CIB and Societe Generale",
        "entityId": null,
        "detail": "Underwrote and coordinated the ¥39.7 billion green loan for the Tokyo TKY01 campus.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "stack-infrastructure:stack-tokyo"
        ],
        "locator": "Tokyo financing release, 2025-10-23"
      },
      "packetSha256": "a339b29c875dab7e24ffd124f277c5449c25d11e38ed69ccbde5607fa0812375",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "stack-infrastructure",
      "relation": "suppliers",
      "evidence": {
        "name": "Bloom Energy",
        "entityId": "bloom-energy",
        "detail": "Oracle and BorderPlex selected Bloom fuel cells for the updated Project Jupiter design, up to 2.45GW planned generation capacity. This identifies the project technology supplier, not a disclosed direct STACK procurement contract or operating fleet.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "stack-infrastructure:stack-jupiter-fuel",
          "stack-infrastructure:stack-jupiter-permit"
        ],
        "locator": "April 27 power-plan release and June 3 public-permit-review announcement"
      },
      "packetSha256": "a339b29c875dab7e24ffd124f277c5449c25d11e38ed69ccbde5607fa0812375",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "stack-infrastructure",
      "relation": "partners",
      "evidence": {
        "name": "BorderPlex Digital",
        "entityId": null,
        "detail": "BorderPlex Digital Assets is a development partner on Project Jupiter and co-announced the updated fuel-cell power plan with Oracle.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "stack-infrastructure:stack-jupiter",
          "stack-infrastructure:stack-jupiter-fuel"
        ],
        "locator": "Project Jupiter release, 2025-09-26"
      },
      "packetSha256": "a339b29c875dab7e24ffd124f277c5449c25d11e38ed69ccbde5607fa0812375",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "stack-infrastructure",
      "relation": "partners",
      "evidence": {
        "name": "Blue Owl Capital",
        "entityId": null,
        "detail": "Blue Owl’s Digital Infrastructure strategy includes STACK as a wholly owned and/or controlled portfolio company; the Jupiter release identifies investment from Blue Owl-managed funds. Exact equity ownership is undisclosed.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "stack-infrastructure:stack-jupiter",
          "stack-infrastructure:stack-owner"
        ],
        "locator": "Project Jupiter release, 2025-09-26"
      },
      "packetSha256": "a339b29c875dab7e24ffd124f277c5449c25d11e38ed69ccbde5607fa0812375",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "aligned-data-centers",
      "relation": "customers",
      "evidence": {
        "name": "Lambda",
        "entityId": null,
        "detail": "The May 2025 agreement names Lambda as the intended occupier of DFW-04 in Plano. The release described the facility as under construction; this review did not establish a later operating date.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "aligned-data-centers:al-lambda"
        ],
        "locator": "Lambda release, 2025-05-07"
      },
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "aligned-data-centers",
      "relation": "customers",
      "evidence": {
        "name": "Unnamed enterprise customers (securitisation pool)",
        "entityId": null,
        "detail": "Fourteen customers across four campuses back the July 2026 ABS, with over 90% of annualised adjusted base rent from investment-grade counterparties.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "aligned-data-centers:al-securitization"
        ],
        "locator": "Securitisation release, 2026-07-28"
      },
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "aligned-data-centers",
      "relation": "suppliers",
      "evidence": {
        "name": "Calibrant Energy",
        "entityId": null,
        "detail": "Calibrant announced a 31MW / 62MWh battery installation at an Aligned Pacific Northwest site, planned for 2026. Completion has not been confirmed. Battery discharge power and energy storage are not data-center IT capacity.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "aligned-data-centers:al-calibrant"
        ],
        "locator": "Calibrant release, 2025-10-22"
      },
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "aligned-data-centers",
      "relation": "suppliers",
      "evidence": {
        "name": "Phaidra",
        "entityId": null,
        "detail": "The September 2026 agreement covers deployment of Phaidra Prism across the portfolio. Prism reads operational telemetry and documentation to assist staff; it does not autonomously control the facilities. Portfolio-wide completion is not established.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "aligned-data-centers:al-phaidra"
        ],
        "locator": "Prism function and deployment scope"
      },
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "aligned-data-centers",
      "relation": "suppliers",
      "evidence": {
        "name": "Munters",
        "entityId": null,
        "detail": "Manufactures Aligned’s DeltaFlow cooling equipment, including at its Araucária facility for ODATA deployments.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "aligned-data-centers:al-odata-cooling"
        ],
        "locator": "Named partner in project release"
      },
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "aligned-data-centers",
      "relation": "suppliers",
      "evidence": {
        "name": "Ryan Companies",
        "entityId": null,
        "detail": "Construction partner named for the planned Caprock campus.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "aligned-data-centers:al-caprock"
        ],
        "locator": "Named partner in project release"
      },
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "aligned-data-centers",
      "relation": "suppliers",
      "evidence": {
        "name": "Holder Construction",
        "entityId": null,
        "detail": "Construction partner named at the Phoenix groundbreaking.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "aligned-data-centers:al-phoenix"
        ],
        "locator": "Named partner in project release"
      },
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "aligned-data-centers",
      "relation": "suppliers",
      "evidence": {
        "name": "Xcel Energy",
        "entityId": null,
        "detail": "Power-infrastructure partner for Caprock; commissioning remains a future milestone.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "aligned-data-centers:al-caprock"
        ],
        "locator": "Named partner in project release"
      },
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "aligned-data-centers",
      "relation": "partners",
      "evidence": {
        "name": "Microsoft",
        "entityId": "microsoft",
        "detail": "Member of the AI Infrastructure Partnership that co-owns Aligned since July 2026. Partnership membership does not disclose an individual direct Aligned equity stake or establish a tenancy.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "aligned-data-centers:al-announce",
          "aligned-data-centers:al-close"
        ],
        "locator": "Acquisition announcement, 2025-10-15"
      },
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "aligned-data-centers",
      "relation": "partners",
      "evidence": {
        "name": "NVIDIA",
        "entityId": "nvidia",
        "detail": "Member of the AI Infrastructure Partnership that co-owns Aligned since July 2026. Partnership membership does not disclose an individual direct Aligned equity stake or establish a tenancy.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "aligned-data-centers:al-announce",
          "aligned-data-centers:al-close"
        ],
        "locator": "Acquisition announcement, 2025-10-15"
      },
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "aligned-data-centers",
      "relation": "partners",
      "evidence": {
        "name": "xAI",
        "entityId": "xai",
        "detail": "Named as a member of the AI Infrastructure Partnership in the acquisition announcement. Partnership membership does not disclose an individual direct Aligned equity stake or establish a tenancy.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "aligned-data-centers:al-announce"
        ],
        "locator": "Acquisition announcement, 2025-10-15"
      },
      "packetSha256": "a15243222e3005a1145f7be29771e7afd3480be58bfb83bacc3cfb7da733799f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "qts",
      "relation": "customers",
      "evidence": {
        "name": "Unnamed hyperscale, enterprise and government customers",
        "entityId": null,
        "detail": "QTS serves leading hyperscale technology companies, enterprises and government entities but does not name its hyperscale tenants in the materials reviewed.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "qts:qts-lancium",
          "qts:qts-enterprise"
        ],
        "locator": "Customer categories; no named-tenant or concentration assertion"
      },
      "packetSha256": "e499df27043137b62d14c0eca79c80e95913628236c3eb1ba819cd8ce26f8772",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "qts",
      "relation": "suppliers",
      "evidence": {
        "name": "Lancium",
        "entityId": null,
        "detail": "Lancium develops the Hall County site’s civil and electrical infrastructure and plans solar and battery resources. Construction and energy commitments are not operating capacity.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "qts:qts-lancium"
        ],
        "locator": "Lancium release, 2026-07-13"
      },
      "packetSha256": "e499df27043137b62d14c0eca79c80e95913628236c3eb1ba819cd8ce26f8772",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "qts",
      "relation": "suppliers",
      "evidence": {
        "name": "ENGIE",
        "entityId": "engie",
        "detail": "ENGIE agreed a 48MWac PPA for QTS Irving using ABEI’s approximately 61MWac Lubio solar project. The August release explicitly describes Lubio as pre-commercial operation; the new supply is prospective.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "qts:qts-engie"
        ],
        "locator": "ENGIE release, 2026-08-18"
      },
      "packetSha256": "e499df27043137b62d14c0eca79c80e95913628236c3eb1ba819cd8ce26f8772",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "qts",
      "relation": "suppliers",
      "evidence": {
        "name": "Alliant Energy",
        "entityId": null,
        "detail": "Alliant is the named utility partner for the Cedar Rapids development. Its May 2026 statement confirms construction activity, not delivery of the complete campus.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "qts:qts-alliant",
          "qts:qts-cedar-stage"
        ],
        "locator": "Joint development announcement and site-construction update"
      },
      "packetSha256": "e499df27043137b62d14c0eca79c80e95913628236c3eb1ba819cd8ce26f8772",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "qts",
      "relation": "suppliers",
      "evidence": {
        "name": "Clayco and HITT",
        "entityId": null,
        "detail": "QTS names Clayco and HITT construction teams at its Fayetteville campus. The relationship concerns construction, not ownership or tenant demand.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "qts:qts-fayette"
        ],
        "locator": "Construction and working-hours FAQ"
      },
      "packetSha256": "e499df27043137b62d14c0eca79c80e95913628236c3eb1ba819cd8ce26f8772",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "qts",
      "relation": "partners",
      "evidence": {
        "name": "Zayo Europe",
        "entityId": null,
        "detail": "Zayo Europe is building four fibre routes connecting the planned Cambois campus to its UK network. The announcement describes up to 720 MW at full operation; it does not establish that the campus or routes are commissioned.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "qts:qts-zayo"
        ],
        "locator": "Full connectivity-provider announcement"
      },
      "packetSha256": "e499df27043137b62d14c0eca79c80e95913628236c3eb1ba819cd8ce26f8772",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "airtrunk",
      "relation": "customers",
      "evidence": {
        "name": "Unnamed global cloud and AI customers",
        "entityId": null,
        "detail": "AirTrunk reported that JHB1 and JHB2, with combined full-build IT load above 420MW, were almost fully contracted in April 2026. Tenant names, occupied MW and completed phases were not disclosed in that release.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "airtrunk:at-johor"
        ],
        "locator": "Johor release, 2026-04-30"
      },
      "packetSha256": "0274dde3f0ad90ede3604171d35b664cf0dbd6aad07a0677a4af06fc3a51e83f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "airtrunk",
      "relation": "suppliers",
      "evidence": {
        "name": "ib vogt",
        "entityId": null,
        "detail": "The developer’s 29.99MWac solar project commenced commercial operation under a long-term Malaysian VPPA. Electricity enters the grid; the contract is not a dedicated physical supply to one campus.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "airtrunk:at-vppa"
        ],
        "locator": "July commercial-operation announcement"
      },
      "packetSha256": "0274dde3f0ad90ede3604171d35b664cf0dbd6aad07a0677a4af06fc3a51e83f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "airtrunk",
      "relation": "suppliers",
      "evidence": {
        "name": "SMBC, MUFG, Crédit Agricole CIB and Société Générale (with eight other banks)",
        "entityId": null,
        "detail": "Lending syndicate coordinators for the March 2026 TOK1 refinancing and development facility. These are financial counterparties, not equipment manufacturers.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "airtrunk:at-tokyo-loan"
        ],
        "locator": "Tokyo green loan release, 2026-03-10"
      },
      "packetSha256": "0274dde3f0ad90ede3604171d35b664cf0dbd6aad07a0677a4af06fc3a51e83f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "airtrunk",
      "relation": "partners",
      "evidence": {
        "name": "HUMAIN",
        "entityId": null,
        "detail": "Saudi AI company partnering with AirTrunk and Blackstone to build, finance and operate data centers in Saudi Arabia, starting with a ~US$3 billion campus.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "airtrunk:at-humain"
        ],
        "locator": "HUMAIN release, 2025-10"
      },
      "packetSha256": "0274dde3f0ad90ede3604171d35b664cf0dbd6aad07a0677a4af06fc3a51e83f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "airtrunk",
      "relation": "partners",
      "evidence": {
        "name": "Google and European Energy Australia",
        "entityId": "alphabet",
        "detail": "Partners in the 25MW Mulwala solar development. The June announcement described it as nearing completion, not yet confirmed in commercial operation. This collaboration does not identify Google as a campus tenant.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "airtrunk:at-mulwala"
        ],
        "locator": "Mulwala release, 2026-06-01"
      },
      "packetSha256": "0274dde3f0ad90ede3604171d35b664cf0dbd6aad07a0677a4af06fc3a51e83f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "airtrunk",
      "relation": "partners",
      "evidence": {
        "name": "Emergence Quantum",
        "entityId": null,
        "detail": "A research partnership and memorandum covering cryogenic cooling and quantum-ready infrastructure. It is not evidence of a commercially operating cryogenic campus.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "airtrunk:at-quantum"
        ],
        "locator": "September memorandum and research scope"
      },
      "packetSha256": "0274dde3f0ad90ede3604171d35b664cf0dbd6aad07a0677a4af06fc3a51e83f",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "dayone",
      "relation": "customers",
      "evidence": {
        "name": "Unnamed hyperscale and enterprise customers",
        "entityId": null,
        "detail": "Fifteen customers supported approximately 2.3GW of bookings at 20 September 2026. Customer names and individual revenues were not established in this review.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "dayone:d1-oct-update"
        ],
        "locator": "Operating update, footnote 1 and customer discussion"
      },
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "dayone",
      "relation": "suppliers",
      "evidence": {
        "name": "Tenaga Nasional (TNB Renewables and TNB GenCo)",
        "entityId": null,
        "detail": "Renewable contracts cover 1.5GWp of solar and 2.2GWh of storage. A separate memorandum explores up to 1.5GW of on-site generation; feasibility, contracts and approvals remain outstanding.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "dayone:d1-tnb-re",
          "dayone:d1-tnb-onsite"
        ],
        "locator": "TNB releases, 2026-06-04 and 2026-09-01"
      },
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "dayone",
      "relation": "suppliers",
      "evidence": {
        "name": "PLN Batam",
        "entityId": null,
        "detail": "Contracted phased electrical supply to the Kabil development. The announcement does not establish delivery of the entire 450MW.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "dayone:d1-batam"
        ],
        "locator": "Batam PPA release, 2026-04-17"
      },
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "dayone",
      "relation": "partners",
      "evidence": {
        "name": "NVIDIA",
        "entityId": "nvidia",
        "detail": "DayOne joined the NVIDIA Partner Network as a Data Center Partner in April 2026.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "dayone:d1-nvidia"
        ],
        "locator": "NVIDIA DCP release, 2026-04-17"
      },
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "dayone",
      "relation": "partners",
      "evidence": {
        "name": "Brookfield",
        "entityId": null,
        "detail": "Brookfield and a sovereign investor provided an up-to-€1bn mezzanine facility in 2025. The ceiling is not proof of full drawdown.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "dayone:d1-series-c-initial"
        ],
        "locator": "Series C initial release"
      },
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "dayone",
      "relation": "partners",
      "evidence": {
        "name": "Gaw Capital",
        "entityId": null,
        "detail": "Development partner for the Tokyo campus and its 18MW IT first phase.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "dayone:d1-tokyo"
        ],
        "locator": "Groundbreaking release"
      },
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "dayone",
      "relation": "partners",
      "evidence": {
        "name": "Cortical Labs and NUS Medicine",
        "entityId": null,
        "detail": "A 20-unit biological computing laboratory prototype launched in August 2026. This research deployment is distinct from commercial hyperscale hosting.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "dayone:d1-biological"
        ],
        "locator": "Prototype scope"
      },
      "packetSha256": "f5d88cc405d20e33f16b2093af96ecc2a77b5b7ee13df02bab6447ba2b836da1",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "cyrusone",
      "relation": "customers",
      "evidence": {
        "name": "Unnamed hyperscale and enterprise customers",
        "entityId": null,
        "detail": "The company serves hyperscale and enterprise tenants and reported record 2025 bookings without a comparable value. Its Texas power-supply contracts are not evidence of tenant bookings.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "cyrusone:c1-loans",
          "cyrusone:c1-about"
        ],
        "locator": "Customer categories and record-bookings statement; quantity undisclosed"
      },
      "packetSha256": "e2d695cad350b750f1b43010c037c153ccf9a488aa498b90a395d807dded0d47",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "cyrusone",
      "relation": "suppliers",
      "evidence": {
        "name": "Constellation (Calpine)",
        "entityId": "constellation",
        "detail": "Provides power, grid connectivity and land infrastructure for the Bosque and Freestone developments. The agreements are distinct from occupied or commissioned IT capacity.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "cyrusone:c1-dfw10",
          "cyrusone:c1-freestone"
        ],
        "locator": "DFW10 and Freestone releases"
      },
      "packetSha256": "e2d695cad350b750f1b43010c037c153ccf9a488aa498b90a395d807dded0d47",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "cyrusone",
      "relation": "suppliers",
      "evidence": {
        "name": "Eolian",
        "entityId": null,
        "detail": "Provides access to existing transmission and substation infrastructure beside Chisholm Grid. Initial DFW7 delivery was prospective in the January announcement.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "cyrusone:c1-eolian"
        ],
        "locator": "Eolian release, 2026-01-13"
      },
      "packetSha256": "e2d695cad350b750f1b43010c037c153ccf9a488aa498b90a395d807dded0d47",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "cyrusone",
      "relation": "partners",
      "evidence": {
        "name": "Goldman Sachs and Wells Fargo",
        "entityId": null,
        "detail": "Joint leads on the March 2026 upsizing and extension of about $8.0 billion of loan facilities.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "cyrusone:c1-loans"
        ],
        "locator": "Loan facility release, 2026-03-24"
      },
      "packetSha256": "e2d695cad350b750f1b43010c037c153ccf9a488aa498b90a395d807dded0d47",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "cyrusone",
      "relation": "partners",
      "evidence": {
        "name": "Kansai Electric Power",
        "entityId": null,
        "detail": "Joint-venture partner in CyrusOne KEP; the first Seika project remains under development.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "cyrusone:c1-japan"
        ],
        "locator": "Management plan, HSDC strategy"
      },
      "packetSha256": "e2d695cad350b750f1b43010c037c153ccf9a488aa498b90a395d807dded0d47",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "gds",
      "relation": "customers",
      "evidence": {
        "name": "Cloud, internet and enterprise customers",
        "entityId": null,
        "detail": "The issuer identifies hyperscale cloud providers, internet companies, financial institutions, carriers, IT-service providers and multinational enterprises as customer categories. The inspected current sources do not identify individual contract values or a current customer-concentration table.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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      },
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      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "gds",
      "relation": "suppliers",
      "evidence": {
        "name": "Electricity, equipment and construction providers",
        "entityId": null,
        "detail": "The interim report identifies utility costs as a material driver of gross margin and substantial property, equipment and construction spending. Named supplier allocations and current contract concentration are not established.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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      },
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      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "gds",
      "relation": "partners",
      "evidence": {
        "name": "DayOne Data Centers",
        "entityId": "dayone",
        "detail": "Independent Singapore-headquartered operator in which GDS holds a minority equity investment. A $385 million share repurchase was completed by the March results announcement. DayOne is an equity-method investee, not an operating subsidiary to be added to GDS capacity.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "gds:gds-fy25",
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        ]
      },
      "packetSha256": "8210ccefd7751f502d6df14bc55b879a08aea677168fcbeef51da396b32c4119",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
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    {
      "entityId": "gds",
      "relation": "partners",
      "evidence": {
        "name": "ST Telemedia / STT Garnet",
        "entityId": null,
        "detail": "Strategic minority investor and governance relationship. The February filing places the investment in STT Garnet under STT Communications and ST Telemedia, rather than within ST Telemedia Global Data Centres.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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        ]
      },
      "packetSha256": "8210ccefd7751f502d6df14bc55b879a08aea677168fcbeef51da396b32c4119",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vnet",
      "relation": "customers",
      "evidence": {
        "name": "Enterprise customers",
        "entityId": null,
        "detail": "Over 7,000 customers across hosting and related services, including cloud/IT, telecommunications, gaming, e-commerce, automotive, financial services and government. More than 1,500 used managed hosting at December 2025; the broader count is not all colocation customers.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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      },
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vnet",
      "relation": "customers",
      "evidence": {
        "name": "Unnamed leading cloud provider",
        "entityId": null,
        "detail": "Q2 release reports a 345 MW wholesale order from a leading cloud provider. Identity, customer spending and delivery timing are not disclosed; this booking is not counted as current capacity.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
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      },
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vnet",
      "relation": "suppliers",
      "evidence": {
        "name": "China Telecom",
        "entityId": null,
        "detail": "Telecommunications backbone and network connectivity; also among partners from which VNET leases data-centre space and cabinets. Supplier spending and capacity overlap are not quantified.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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      },
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vnet",
      "relation": "suppliers",
      "evidence": {
        "name": "China Unicom",
        "entityId": null,
        "detail": "Network access and partnered-facility resources. The same telecom operator can be a supplier and a competitor in different services.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "vnet:vnet-20f25"
        ]
      },
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vnet",
      "relation": "suppliers",
      "evidence": {
        "name": "China Mobile",
        "entityId": null,
        "detail": "Connectivity and partnered data-centre resources; no exclusive supply or current spend share inferred.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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        ]
      },
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vnet",
      "relation": "suppliers",
      "evidence": {
        "name": "Equipment, utility and property providers",
        "entityId": null,
        "detail": "Power, cooling, buildings and network resources support self-built and leased facilities. Customers may provide their own server hardware; VNET capacity is not a count of its own AI accelerators.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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      },
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vnet",
      "relation": "partners",
      "evidence": {
        "name": "Microsoft",
        "entityId": "microsoft",
        "detail": "Local partner for Azure, Microsoft 365, Dynamics 365 and Power Platform in mainland China. Cloud-service revenue is not a campus capacity measure.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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        ]
      },
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vnet",
      "relation": "partners",
      "evidence": {
        "name": "CATL",
        "entityId": null,
        "detail": "August strategic cooperation agreement proposes compute-energy facilities, distributed networks and a token ecosystem. Specific projects require later definitive agreements; the announcement does not establish a completed gigawatt deployment.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
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        ]
      },
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "vnet",
      "relation": "partners",
      "evidence": {
        "name": "PJ Millennium / Lochpine Capital",
        "entityId": null,
        "detail": "September buyers acquired an existing shareholder block. Lochpine Capital is a non-controlled, non-consolidated CATL affiliate; this is not evidence that CATL owns or consolidates VNET.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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        ]
      },
      "packetSha256": "de63b35fa96f09e1d17c7131baaa31d0c2951e1dee4bc51c1db49dbbb529a185",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "sttgdc",
      "relation": "partners",
      "evidence": {
        "name": "LITEON",
        "entityId": null,
        "detail": "Named power-technology participant in the FutureGrid Accelerator testbed. No estate-wide equipment supply value is disclosed.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "sttgdc:stt-testbed"
        ],
        "locator": "January 26 FutureGrid launch release"
      },
      "packetSha256": "e8f155cf9625b430984863c468689cabd2144e9854d65bd293bcc8b8821df19e",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "sttgdc",
      "relation": "partners",
      "evidence": {
        "name": "Amperesand",
        "entityId": null,
        "detail": "Named technology participant in the FutureGrid Accelerator testbed. This collaboration does not establish a material recurring revenue relationship.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "sttgdc:stt-testbed"
        ],
        "locator": "January 26 FutureGrid launch release"
      },
      "packetSha256": "e8f155cf9625b430984863c468689cabd2144e9854d65bd293bcc8b8821df19e",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "crusoe",
      "relation": "customers",
      "evidence": {
        "name": "Oracle and OpenAI (Abilene Stargate campus)",
        "entityId": "oracle",
        "detail": "Crusoe developed the Abilene facilities used by Oracle Cloud for OpenAI workloads. Oracle is the infrastructure customer and OpenAI the downstream user; these roles are not two independent campuses.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "crusoe:cr-seriesf",
          "crusoe:cr-abilene-msft"
        ],
        "locator": "Abilene live release 2025-09-30; capacity release 2026-06-09; Series F release (OpenAI at Abilene)"
      },
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "crusoe",
      "relation": "customers",
      "evidence": {
        "name": "Microsoft",
        "entityId": "microsoft",
        "detail": "The adjacent Microsoft campus is planned for 900 MW gross capacity, with two 336 MW critical-IT buildings. First energization is targeted for mid-2027.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "crusoe:cr-abilene-msft"
        ],
        "locator": "Abilene–Microsoft release, 2026-03-27"
      },
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "crusoe",
      "relation": "customers",
      "evidence": {
        "name": "Google",
        "entityId": "google-cloud",
        "detail": "Crusoe is the developer of Google's data-center campus under construction in Armstrong County, Texas, co-located with the Goodnight wind farms (announced 2026-09-28; ground broken June 2025).",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "crusoe:cr-armstrong"
        ],
        "locator": "Armstrong County release, 2026-09-28"
      },
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "crusoe",
      "relation": "customers",
      "evidence": {
        "name": "Jane Street",
        "entityId": null,
        "detail": "TechCrunch reports a $13 billion, five-year cloud contract to supply the trading firm with GPUs and AI infrastructure; not confirmed in Crusoe's own releases read here.",
        "status": "current",
        "evidence": "reported",
        "sourceIds": [
          "crusoe:tc-seriesf"
        ],
        "locator": "TechCrunch, 2026-09-17"
      },
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "crusoe",
      "relation": "customers",
      "evidence": {
        "name": "AI labs on Crusoe Cloud (Perplexity, Thinking Machines Lab, Cognition, Figure, Cursor)",
        "entityId": "perplexity",
        "detail": "Perplexity signed a multi-year deal (2026-09-15) to train on GB300 NVL72 clusters and serve through Managed Inference; Thinking Machines Lab signed a $65 million annual inference agreement (2026-09-23); Cognition, Figure, Cursor, Fireworks and Together AI are named cloud customers (5LayerCake entities: thinking-machines, cognition, cursor, fireworks-ai, together-ai).",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "crusoe:cr-perplexity",
          "crusoe:cr-tml",
          "crusoe:cr-seriesf",
          "crusoe:cr-seriese"
        ],
        "locator": "Perplexity and Thinking Machines releases; Series F and Series E releases (customer lists)"
      },
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "crusoe",
      "relation": "suppliers",
      "evidence": {
        "name": "NVIDIA",
        "entityId": "nvidia",
        "detail": "Supplies the GPUs and networking behind Crusoe's campuses and cloud (GB200 NVL72 at Abilene, GB300 for Perplexity, B200 with Quantum-2 InfiniBand for Thinking Machines; Vera Rubin planned from late 2026). NVIDIA is also an investor.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "crusoe:cr-nvidia",
          "crusoe:cr-blueowl",
          "crusoe:cr-tml",
          "crusoe:cr-seriesf"
        ],
        "locator": "NVIDIA collaboration release 2026-03-16; Blue Owl JV release; Thinking Machines release; Series F investor list"
      },
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "crusoe",
      "relation": "suppliers",
      "evidence": {
        "name": "GE Vernova",
        "entityId": "ge-vernova",
        "detail": "29 LM2500XPRESS aeroderivative gas turbines (10 ordered December 2024, 19 booked June 2025), expected to provide nearly 1 GW of on-site power.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "crusoe:cr-gev"
        ],
        "locator": "GE Vernova–Crusoe release, 2025-07-22"
      },
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "crusoe",
      "relation": "suppliers",
      "evidence": {
        "name": "Bergen Engines",
        "entityId": null,
        "detail": "About 750 MW of power-generation capacity for US AI data centers (about 438 MW contracted plus a 310 MW letter of intent), announced 2026-06-03.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "crusoe:cr-bergen"
        ],
        "locator": "Bergen Engines release, 2026-06-03"
      },
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "crusoe",
      "relation": "suppliers",
      "evidence": {
        "name": "ON.energy",
        "entityId": null,
        "detail": "5 GW of AI UPS medium-voltage systems across multiple hyperscale campuses, commissioning from 2026 into 2027, to keep GPU load swings from destabilising the grid.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "crusoe:cr-onenergy"
        ],
        "locator": "ON.energy release, 2026-07-21"
      },
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "crusoe",
      "relation": "suppliers",
      "evidence": {
        "name": "AMD",
        "entityId": "amd",
        "detail": "AMD Instinct MI355X and MI300X GPUs are offered on Crusoe Cloud alongside NVIDIA systems.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "crusoe:cr-seriesf"
        ],
        "locator": "Current product navigation: MI300X and MI355X offerings"
      },
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "crusoe",
      "relation": "partners",
      "evidence": {
        "name": "Lancium",
        "entityId": null,
        "detail": "Owns the land, power interconnection and energy management at Abilene and at the new 1 GW Childress, Texas campus, while Crusoe designs, builds and operates the data centers (Childress construction expected to start Q3 2026).",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "crusoe:cr-childress"
        ],
        "locator": "Childress release, 2026-07-15"
      },
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "crusoe",
      "relation": "partners",
      "evidence": {
        "name": "Blue Owl Capital and Primary Digital Infrastructure",
        "entityId": null,
        "detail": "Co-sponsors with Crusoe of a $15 billion joint venture funding the 1.2 GW Abilene campus (second phase announced 2025-05-21).",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "crusoe:cr-blueowl"
        ],
        "locator": "Joint-venture release, 2025-05-21"
      },
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "crusoe",
      "relation": "partners",
      "evidence": {
        "name": "Brookfield Asset Management",
        "entityId": null,
        "detail": "Provided a $750 million credit facility (2025-06-11) through its infrastructure debt platform to fund AI factories and Crusoe Cloud.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "crusoe:cr-brookfield"
        ],
        "locator": "Brookfield credit facility release, 2025-06-11"
      },
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "crusoe",
      "relation": "partners",
      "evidence": {
        "name": "Aalo Atomics",
        "entityId": null,
        "detail": "Partnership (2026-07-30) to power a Crusoe Spark unit with an Aalo modular nuclear reactor in 2027 and deploy 50 MWe Aalo plants at Crusoe data centers by the end of 2029.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
          "crusoe:cr-aalo"
        ],
        "locator": "Aalo Atomics release, 2026-07-30"
      },
      "packetSha256": "403312f25c9da96823f3ee296fa5d6f6f6979bf887f9d8ea2b0433ff336d7b6c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "cipher-digital",
      "relation": "customers",
      "evidence": {
        "name": "Fluidstack",
        "entityId": null,
        "detail": "Initial ten-year Barber Lake tenant; amended delivery milestones in September. The subsequent decade is committed directly by an unnamed AI lab.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
          "cipher-digital:gnw-barber-lake",
          "cipher-digital:cifr-oct-deck"
        ],
        "locator": "September release and October p9"
      },
      "packetSha256": "5fcc635c47506a2f9f785cd2d3df6a504ca59a96c6468afef0596fa7aa46d284",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "cipher-digital",
      "relation": "customers",
      "evidence": {
        "name": "Amazon Web Services",
        "entityId": "amazon",
        "detail": "Black Pearl tenant under a 15-year lease; Amazon guarantees rent and operating expenses. Initial delivered capacity began earning rent in August.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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    },
    {
      "entityId": "cipher-digital",
      "relation": "customers",
      "evidence": {
        "name": "Unnamed investment-grade hyperscaler",
        "entityId": null,
        "detail": "100MW gross Stingray lease. The tenant remains unnamed in reviewed disclosures.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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        ],
        "locator": "August p10"
      },
      "packetSha256": "5fcc635c47506a2f9f785cd2d3df6a504ca59a96c6468afef0596fa7aa46d284",
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    },
    {
      "entityId": "cipher-digital",
      "relation": "customers",
      "evidence": {
        "name": "Unnamed AI lab",
        "entityId": null,
        "detail": "Binding commitment for the second ten years at Barber Lake; no name disclosed in the lease announcement.",
        "status": "announced",
        "evidence": "company_stated",
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        "locator": "September release"
      },
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    },
    {
      "entityId": "cipher-digital",
      "relation": "suppliers",
      "evidence": {
        "name": "Unnamed generation partners",
        "entityId": null,
        "detail": "Proposed counterparties to develop and operate on-site generation supported by new gas laterals. Neither current delivery nor partner identities were established.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
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        "locator": "September release"
      },
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      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "cipher-digital",
      "relation": "partners",
      "evidence": {
        "name": "Google",
        "entityId": "alphabet",
        "detail": "Backstop provider for Fluidstack obligations. The February presentation gives up to $1.73 billion, superseding the earlier $1.4 billion. Its warrant agreement grants rights to acquire shares, with adjustments; warrants have no voting rights until exercised.",
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        "evidence": "company_stated",
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    },
    {
      "entityId": "cipher-digital",
      "relation": "partners",
      "evidence": {
        "name": "Anthropic",
        "entityId": "anthropic",
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        "status": "current",
        "evidence": "company_stated",
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      },
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      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "cipher-digital",
      "relation": "partners",
      "evidence": {
        "name": "Canaan",
        "entityId": null,
        "detail": "Purchased all of Cipher’s 49% interests in Alborz, Bear and Chief plus 6,840 mining machines for approximately $39.75 million in Canaan shares. The price covers both interests and equipment.",
        "status": "historical",
        "evidence": "company_stated",
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      "packetSha256": "5fcc635c47506a2f9f785cd2d3df6a504ca59a96c6468afef0596fa7aa46d284",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "iren",
      "relation": "customers",
      "evidence": {
        "name": "Microsoft",
        "entityId": "microsoft",
        "detail": "A five-year Microsoft agreement covers four 50 MW IT deployments at Childress. Horizon 1 was delivered in August. The $3.6 billion GPU financing, together with customer prepayments, funds 96% of associated GPU capital spending.",
        "status": "current",
        "evidence": "company_stated",
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      },
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    },
    {
      "entityId": "iren",
      "relation": "customers",
      "evidence": {
        "name": "AI developers: Cohere, Perplexity, Figure AI, Together AI, Fireworks AI, Fal AI, Fluidstack, Hume AI, Prometheus, Higgsfield AI",
        "entityId": null,
        "detail": "Named in IREN's July and August 2026 releases among customers of new contracts (USD 2.8B total contract value in July, about four-year average term, prepayments of roughly 45% of GPU capex).",
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        "evidence": "company_stated",
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      },
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      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "iren",
      "relation": "customers",
      "evidence": {
        "name": "NVIDIA",
        "entityId": "nvidia",
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        "evidence": "company_stated",
        "sourceIds": [
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      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "iren",
      "relation": "suppliers",
      "evidence": {
        "name": "NVIDIA",
        "entityId": "nvidia",
        "detail": "Supplies the GPUs (including GB300 NVL72) in IREN's AI cloud; NVIDIA validated IREN as an Exemplar Cloud on GB300 NVL72.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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      },
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      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "iren",
      "relation": "partners",
      "evidence": {
        "name": "ERCOT (Electric Reliability Council of Texas)",
        "entityId": null,
        "detail": "Grid-operator process, not a commercial partnership: Sweetwater’s 2 GW hub is conditionally included as base load in Batch Zero. Final approvals and connection conditions remain necessary.",
        "status": "announced",
        "evidence": "company_stated",
        "sourceIds": [
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        "locator": "Release 2026-09-08"
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      "packetSha256": "31e1905ace589290795b3b66dbe2d6ee3fcbf4d696efe4d0f22428a784bc942c",
      "selectionUse": "Role and delivery context; reciprocal edges are one relationship, not additive activity."
    },
    {
      "entityId": "iren",
      "relation": "partners",
      "evidence": {
        "name": "Blue Owl and PIMCO-led financing",
        "entityId": null,
        "detail": "A $2.4 billion facility for the Mackenzie expansion carries a 9.0% fixed rate and funds approximately 90% of associated GPU spending. It is part of $2.8 billion of newly announced GPU financings, not the whole amount.",
        "status": "current",
        "evidence": "company_stated",
        "sourceIds": [
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        "locator": "Capital-efficient GPU financing bullets"
      },
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    }
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        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
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    ],
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    ],
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          "inspectionMode": "local-cache",
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    ],
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    ],
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      {
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          "support": "8.5+GW mixed built/development, 7.5+GW planned/potential, 24 markets; not operating MW",
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          "sourcePublishedDate": "2026-03-31"
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        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
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        "reviewFile": "infrastructure/reviews/stack-infrastructure.json",
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        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
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          "url": "https://www.globenewswire.com/de/news-release/2025/10/22/3171398/0/en/STACK-Infrastructure-Secures-39-7-Billion-in-Green-Financing-to-Advance-Development-of-Tokyo-Campus.html",
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          "support": "80MW campus and 18MW IT phase; core/shell target",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://dayonedc.com/markets/dayone-and-gaw-capital-break-ground-on-phase-one-of-hyperscale-tokyo-data-center-campus",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": "2025-08-01"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "dayone:d1-biological": [
      {
        "reviewFile": "infrastructure/reviews/dayone.json",
        "check": {
          "sourceId": "d1-biological",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "August prototype",
          "locator": "Research deployment and SG1 paragraph",
          "support": "20-unit prototype and prospective Singapore opening",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://dayonedc.com/headliners/dayone-launches-singapores-first-biological-data-center-prototype-with-cortical-labs-and-nus-medicine",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": "2026-08-15"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-home": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-home",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "Current overview",
          "locator": "Counters and locations",
          "support": "60+ operational, 50+ development; undated power counter",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": null
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-leadership": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-leadership",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "Current leadership",
          "locator": "Fourteen complete biographies",
          "support": "Titles and concise experience; no explicit reporting hierarchy",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/company/leadership",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": null
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-newsroom": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-newsroom",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "Through August 2026",
          "locator": "Release index",
          "support": "Freshness check; retained individual announcements read",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/resources/press-releases",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": null
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-ceo": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-ceo",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "July appointment",
          "locator": "Full release",
          "support": "Immediate CEO and board appointment",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/resources/press-releases/cyrusone-names-john-hatem-chief-executive-officer-to-accelerate-its-global-digital-infrastructure-strategy",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": "2026-07-30"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-dfw10": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-dfw10",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "July 2025 agreement",
          "locator": "Opening paragraph",
          "support": "190MW supply, project value and original Q4 2026 target",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/resources/press-releases/cyrusone-and-calpine-announce-newhyperscale-data-center-development-in-texas",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": "2025-07-30"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-freestone": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-freestone",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "February agreement",
          "locator": "Opening and second-phase paragraphs",
          "support": "Aggregate includes Freestone and earlier Bosque agreements",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/resources/press-releases/constellation-and-cyrusone-announce-agreement-to-support-new-data-center-facility-at-freestone-energy-center-in-texas",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": "2026-02-09"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-eolian": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-eolian",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "January agreement",
          "locator": "Project and forward-looking paragraphs",
          "support": "Construction and prospective delivery; battery capacity separate",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/resources/press-releases/cyrusone-and-eolian-partner-to-enable-rapid-deployment-of-200-megawatt-data-center-campus-in-fort-worth-texas",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": "2026-01-13"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-loans": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-loans",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "March financing",
          "locator": "Full release",
          "support": "Facility sizes, refinancing and commitment boundaries",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/resources/press-releases/cyrusone-upsizes-and-extends-8-0-billion-in-loan-facilities",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": "2026-03-24"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-italy": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-italy",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "March groundbreaking",
          "locator": "Technical scope",
          "support": "Three 9MW IT halls; not operating capacity",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/resources/press-releases/cyrusone-breaks-ground-on-first-data-center-in-italy",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": "2026-03-25"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-abbott": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-abbott",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "August letter",
          "locator": "Paragraphs on five active sites and two power-delivery uncertainties",
          "support": "Material warning contradicts unconditional fast-to-power characterization",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/resources/press-releases/cyrusone-supports-governor-abbotts-vision-for-texas-digital-infrastructure-future",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": "2026-08-12"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-intelliscale": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-intelliscale",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "Design description",
          "locator": "Summary specifications",
          "support": "Company design claims; not deployment or performance audit",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/resources/blogs/cyrusones-intelliscale-ushering-in-a-new-era-of-data-center-design-to-support-ai-and-high-density-computing-needs",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": "2025-07-16"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-close": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-close",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "March 2022 closing",
          "locator": "Full issuer release hosted by owner",
          "support": "Take-private closed; value includes assumed debt",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://media.kkr.com/news-details?download=1&news_id=36b7013b-4269-435a-8bcf-ca4cad3d8d23&type=1",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": "2022-03-25"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-report": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-report",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "Calendar 2025; published June 2026",
          "locator": "pp2–5,10,14,62–63,82–84,106–107; p5 visually inspected",
          "support": "CLC definition, reporting scope, estimation and governance; no current public financials",
          "inspectionMode": "normal-TLS PDF; local text and p5 image inspection",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/hubfs/CyrusOne/2026%20Sustainability%20Report.pdf?hsLang=en",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": null
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
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    ],
    "cyrusone:c1-about": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-about",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "Current services",
          "locator": "Company overview",
          "support": "Build-to-suit and colocation function",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/company/about-us",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": null
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
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    ],
    "cyrusone:c1-hennegan": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-hennegan",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "June appointment",
          "locator": "Full release",
          "support": "US operations leader; Meta and Navy background",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/resources/press-releases/cyrusone-appoints-bob-hennegan-as-senior-vice-president-us-operations",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": "2026-06-17"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-paduch": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-paduch",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "July appointment",
          "locator": "Full release",
          "support": "European role and prior career",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cyrusone.com/resources/press-releases/cyrusone-appoints-andreas-paduch-as-managing-director-europe",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": "2026-07-09"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-japan": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-japan",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "2026–2028 plan",
          "locator": "HSDC strategy panel",
          "support": "First Seika project receiving power and fiscal 2027 operation target",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.kepco.co.jp/english/corporate/info/policy/pdf/plan_2026.pdf",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": null
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "cyrusone:c1-background": [
      {
        "reviewFile": "infrastructure/reviews/cyrusone.json",
        "check": {
          "sourceId": "c1-background",
          "reviewedDate": "2026-10-20",
          "economicPeriod": "Current profile",
          "locator": "Founded year field",
          "support": "2000 foundation only; provider financial estimates not adopted",
          "inspectionMode": "managed-web",
          "originalAccess": null,
          "url": "https://www.cbinsights.com/company/cyrusone",
          "sourceAccessedDate": "2026-10-20",
          "sourcePublishedDate": null
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "gds:gds-q226": [
      {
        "reviewFile": "applications/reviews/gds.json",
        "check": {
          "sourceId": "gds-q226",
          "url": "https://investors.gds-services.com/news-releases/news-release-details/gds-holdings-limited-reports-second-quarter-2026-results",
          "accessedDate": "2026-10-21",
          "locator": "Relevant body and tables",
          "economicPeriod": "As dated in source",
          "support": "Source body inspected and compared with retained claims.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "gds:gds-h126": [
      {
        "reviewFile": "applications/reviews/gds.json",
        "check": {
          "sourceId": "gds-h126",
          "url": "https://app.boardroomalpha.com/sec_feed/2026/QTR3/0001104659-26-105234/tm2624826d1_ex99-1.pdf",
          "accessedDate": "2026-10-21",
          "locator": "Interim pp3–8,11–16: WVR, operating definitions, balance sheet, income and cash flow",
          "economicPeriod": "June 30, 2026",
          "support": "Full separately filed interim PDF captured and read; statement units in RMB thousands converted to millions.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "gds:gds-fy25": [
      {
        "reviewFile": "applications/reviews/gds.json",
        "check": {
          "sourceId": "gds-fy25",
          "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0317/2026031701592.pdf",
          "accessedDate": "2026-10-21",
          "locator": "Results pp2–11,14–15 and cash-flow table pp22–23",
          "economicPeriod": "FY2025 and March 2026 completed events",
          "support": "Annual performance, customer categories, DayOne repurchase completion and public financing read.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "gds:gds-management": [
      {
        "reviewFile": "applications/reviews/gds.json",
        "check": {
          "sourceId": "gds-management",
          "url": "https://investors.gds-services.com/corporate-governance/management",
          "accessedDate": "2026-10-21",
          "locator": "Relevant body and tables",
          "economicPeriod": "As dated in source",
          "support": "Source body inspected and compared with retained claims.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
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    ],
    "gds:gds-board": [
      {
        "reviewFile": "applications/reviews/gds.json",
        "check": {
          "sourceId": "gds-board",
          "url": "https://investors.gds-services.com/corporate-governance/board-of-directors",
          "accessedDate": "2026-10-21",
          "locator": "Current board page through Bin Yu biography, supplemented by AGM full roster",
          "economicPeriod": "Observed October 21, 2026",
          "support": "Only actually read biographies retained; three biography gaps stated.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "gds:gds-agm26": [
      {
        "reviewFile": "applications/reviews/gds.json",
        "check": {
          "sourceId": "gds-agm26",
          "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0625/2026062501580.pdf",
          "accessedDate": "2026-10-21",
          "locator": "Relevant body and tables",
          "economicPeriod": "As dated in source",
          "support": "Source body inspected and compared with retained claims.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "gds:gds-proxy26": [
      {
        "reviewFile": "applications/reviews/gds.json",
        "check": {
          "sourceId": "gds-proxy26",
          "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0602/2026060202504.pdf",
          "accessedDate": "2026-10-21",
          "locator": "Director reappointment and biographies pp5–7",
          "economicPeriod": "June 2026",
          "support": "Gary Wojtaszek, David Zhang and Kathy Chen biographies and STT nomination reviewed.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "gds:gds-chen26": [
      {
        "reviewFile": "applications/reviews/gds.json",
        "check": {
          "sourceId": "gds-chen26",
          "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0520/2026052001358.pdf",
          "accessedDate": "2026-10-21",
          "locator": "Relevant body and tables",
          "economicPeriod": "As dated in source",
          "support": "Source body inspected and compared with retained claims.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "gds:gds-preferred26": [
      {
        "reviewFile": "applications/reviews/gds.json",
        "check": {
          "sourceId": "gds-preferred26",
          "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0206/2026020601088.pdf",
          "accessedDate": "2026-10-21",
          "locator": "All three pages, placement terms and ownership footnotes",
          "economicPeriod": "February 6, 2026; share observations January30",
          "support": "STT Garnet chain and conversion assumptions reconciled.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "gds:gds-stt13d25": [
      {
        "reviewFile": "applications/reviews/gds.json",
        "check": {
          "sourceId": "gds-stt13d25",
          "url": "https://www.otcmarkets.com/filing/html?guid=9nE-kpJOCvIUBhh&id=18767531",
          "accessedDate": "2026-10-21",
          "locator": "Schedule 13D amendment Item5 and share-count footnotes",
          "economicPeriod": "September 10, 2025",
          "support": "Historical holdings include conversion shares; not relabelled current economic stake.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "vnet:vnet-20f25": [
      {
        "reviewFile": "applications/reviews/vnet.json",
        "check": {
          "sourceId": "vnet-20f25",
          "url": "https://app.boardroomalpha.com/sec_feed/2026/QTR2/0001104659-26-044361/vnet-20251231x20f.htm",
          "accessedDate": "2026-10-21",
          "locator": "Form20-F Items4,5,6,7 and consolidated statements F8; operating footprint and customer/supplier definitions",
          "economicPeriod": "FY2025; ownership at March31,2026",
          "support": "Full original issuer report captured from independent filing host and read for business, financials, leadership, VIEs and ownership.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "vnet:vnet-q226": [
      {
        "reviewFile": "applications/reviews/vnet.json",
        "check": {
          "sourceId": "vnet-q226",
          "url": "https://21vianetgroupinc.gcs-web.com/news-releases/news-release-details/vnet-reports-unaudited-second-quarter-2026-financial-results",
          "accessedDate": "2026-10-21",
          "locator": "Release body, business categories, operating table and cash-flow discussion",
          "economicPeriod": "Quarter ended June30,2026",
          "support": "Current capacity, cabinet counts, revenue definitions and pipeline separation checked.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "vnet:vnet-management": [
      {
        "reviewFile": "applications/reviews/vnet.json",
        "check": {
          "sourceId": "vnet-management",
          "url": "https://21vianetgroupinc.gcs-web.com/corporate-governance/management-team",
          "accessedDate": "2026-10-21",
          "locator": "Current roster through Xiaomang Li opening biography",
          "economicPeriod": "Observed October21,2026",
          "support": "Eight executives checked. Full Xiaomang biography unavailable; no reporting lines inferred.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "vnet:vnet-cfo26": [
      {
        "reviewFile": "applications/reviews/vnet.json",
        "check": {
          "sourceId": "vnet-cfo26",
          "url": "https://www.prnewswire.com/news-releases/vnet-announces-changes-to-leadership-team-302747154.html",
          "accessedDate": "2026-10-21",
          "locator": "CFO departure and operational finance appointment",
          "economicPeriod": "April20,2026",
          "support": "CFO resignation effectiveApril30 and Peter operational-finance role read.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "vnet:vnet-ownership26": [
      {
        "reviewFile": "applications/reviews/vnet.json",
        "check": {
          "sourceId": "vnet-ownership26",
          "url": "https://www.prnewswire.com/news-releases/vnet-announces-closing-of-previously-announced-strategic-investment-302884504.html",
          "accessedDate": "2026-10-21",
          "locator": "Transaction closing paragraphs1–3",
          "economicPeriod": "September21,2026; percentage uses June30 denominator",
          "support": "Exact buyers, transferred share count and non-controlled CATL affiliation read.",
          "outcome": "read"
        },
        "scope": "Previously recorded inspection; reconciliation does not renew access dates."
      }
    ],
    "vnet:vnet-catl26": [
      {
        "reviewFile": "applications/reviews/vnet.json",
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}
