Quarterly guidance

Revenue
$3.45 billion to $3.6 billion
Adjusted operating income
$200 million to $260 million
Interest expense
$860 million to $940 million

Annual guidance

Revenue
$12.4 billion to $13.2 billion
Adjusted operating income
$960 million to $1.15 billion
CapEx
$35 billion to $39 billion
Annualized run rate revenue
$18.5 billion to $19.5 billion

Outlook

Demand
Demand continues to exceed supply across sectors, geographies, and generations of infrastructure.
Margins
Margins are expected to continue expanding sequentially during Q3 and Q4.
Power
The company remains on track to reach at least 8 gigawatts of active power by 2030.
Managed Inference
The company expects to exit 2026 with at least $250 million of managed inference ARR.
International
International markets are expected to become a major driver of growth, with over 1 gigawatt of power contracted outside the United States.
Pricing
July pricing changes included an approximately 25% increase across SKUs.