I do see some risks that some of the tailwinds are slowing or...

I do see some risks that some of the tailwinds are slowing or changing which means a much longer time to play out.

I do think over time, the company should trade closer in line with REITs than a Tech Company.

1. Rates have been going down (way down).
They have managed to refinance a lot of debt & lock in at the lower rate.
But rates are now trending back up quickly.
This has significantly reduced interest expense, but this will reverse when rolling future debt.

2. They have benefited from falling Electricity prices the last couple of years, they are now increasing substantially.
Unsure of any hedges, but the longer higher prices continue the more likely the pass through & new contracts being at negotiated at higher prices.

3. I think most of the recently expanded DC's being Megascale will achieve very good scale & operating leverage once at high utilisation.
However I believe they will also take much longer to fill. Just something to be realistic about.
It's less risky Operationally & Financially that the base builds will be done and only incremental Capex will be required to service much of the new customer demand for years to come.

I still think it's important to focus on customer adoption (MW's) across the different regions over time and not constructed MW's. They aren't supply constrained.