
APLDs Chronoscale playbook
The new Chronoscale website is only and it is mind-blowing. Eight sites, three continents, up to nearly 3 GW critical IT load (at least 2 HW compute) possible until 2031 possible. And what is even more interesting: The sites align with APLDs plans in ND, Alabama and Finland. So the playbook gets a bit clearer. I expect that APLD will continue to partly lease to hyperscalers to secure affordable capital, but will lease out the surplus to Chronoscale. According to my calculations, APLD will have 4 GW live in 2031. If 1-1.5 GW of these are leased to Chronoscale, we will be able to collect the HPC premium, which at one point leads to a major rerating. I'm looking forward to today's ER.