他现金虽然不少，但是还是亏空比较大的。Senior convertable note一定会用的。

Capital efficient structure

$5.8bn GPU capex, including ancillaries ：

• $1.9bn customer prepayment • $2.5bn estimated financing against GPUs and contract, at terms enhanced by Microsoft credit • $1.4bn other sources (e.g. cash in bank, operating cashflows, equity, convertible notes, corporate debt)

• Payments aligned with phased phased delivery through 2026