$CIFR after the $850M convertible: what the signed leases are worth at $11.50

Update Oct 14: the notes priced at $15.31 with a capped call to $28.35. On the final terms, the three signed campuses work out to $9.85 to $12.49 a share at a 7% cap. $CIFR launched an $850M

Update Oct 14: the notes priced at $15.31 with a capped call to $28.35. On the final terms, the three signed campuses work out to $9.85 to $12.49 a share at a 7% cap. $CIFR launched an $850M zero-coupon convertible offering today, with a $150M option on top, and the stock fell about 11%, trading near $11.50 this afternoon. The first use on the list is about $750M of extra equity for Barber Lake, tied to the AI lab extension. I rebuilt the model with today's filing. I'm using $11.50 as the model