Shares rose 3.8% in premarket trading on August 17 to $45.73, outperforming peers including CoreWeave, Nebius Group, and Applied Digital. The March quarter AI cloud run rate was approximately $134.5 million annually; management's year-end target exceeds $4 billion, with roughly 85% already under contract.
Horizons 2 through 4 remain scheduled for delivery later this year. The pace of those deployments, conversion of contracted capacity into recognized revenue, and the company's ability to sustain construction momentum across its 2027 expansion plan will determine whether the current valuation reflects durable execution or a milestone-driven rerating.
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