When you are raising equity at an EV/EBITDA multiple of over...

When you are raising equity at an EV/EBITDA multiple of over 40x, the cost of capital is actually quite low (potentially even cheaper than debt). It's pretty obvious that the need for addition data storage capacity over the next 3-5 years is unprecedented and hence the ability to get a fully underwritten mega capital raise away at an eye-watering valuation. It will be very interesting to see where this company gets to from an EBITDA perspective in 5 years times (I don't expect them to be generating a meaningful amount of NPAT, but that doesn't worry me in the slightest.