$DGXX I went back through the actual Cerebras contract, and the Phase 2 financing condition is more interesting than the $1.1B headline makes it sound. The deal has two phases. Phase 1 = 15MW. The initial committed phase, subject to the contract's delivery and RFS requirements. Phase 2 = an additional 25MW. Conditional. The key condition is financing. DGXX has to secure financing for Phase 2 — debt, equity, or a combination of both — within a defined "Financing Period" and then submit the financing terms to Cerebras for approval. If Cerebras disapproves, or does not respond within the applicable approval period, DGXX is not obligated to proceed with Phase 2 under the contract. That makes sense from Cerebras' perspective. Cerebras is committing money before it receives the completed infrastructure. It pays construction charges and prepaid fees, and it has to plan its own deployments around DGXX's delivery schedule. It doesn't want DGXX to start building 25MW and then run out of money halfway through. And there's an interesting distinction in the contract. Phase 1 does not have the same financing condition. Instead, DGXX represented at signing that it had sufficient cash to complete Phase 1. Phase 2 got the financing condition. And Cerebras didn't just sign a lease. Under the contract it has an exclusive license to the entire facility, approves the general contractor and the final Phase 2 plans, pays part of construction directly, can veto any other tenant, approves the financing, has step-in rights if DGXX defaults, can block a sale to its competitors, and has a right of first refusal on future capacity on the same land. That's owner-level control without owning the building. You don't negotiate that level of control for a project you plan to keep at 15MW. Especially when Cerebras has a 750MW commitment to OpenAI through 2028 to fill. Now look at what happened after the deal was signed: • May 4: Cerebras agreement signed
• May 5: deal announced; DGXX shares jumped ~39%
• Mid-May: DGXX reported roughly $125M in cash
• Q2: DGXX reported roughly $161M of financing inflows. On the Q2 call, Michel said most ATM sales occurred early in the quarter, with the last draw around $7.25–$7.50 The contract explicitly allows equity to qualify as financing. So it is reasonable to ask whether a significant portion of the financing needed for Phase 2 may already have been raised through equity issuance following the Cerebras announcement. Then look at what management said on the Q2 call. Michel said DGXX has enough cash to "self-fund most" of Alabama. He said the long-lead equipment for Phase 2 is secured, with deliveries expected in November and December, and that DGXX is in good shape to complete the additional 25MW by March 2027. The Goldman-led debt is also not simply about funding construction. Michel said the goal is to get cash back from the $110M+ already invested and maintain a strong balance sheet. Put all of that together, and Phase 2 appears much more financially supported today than the word "conditional" might suggest. But that leaves three very important questions: 1If DGXX now has the financing and equipment needed for Phase 2, has Cerebras formally approved the financing and confirmed Phase 2? 2If not, what exactly is still outstanding — and how much additional financing is required? 3Is the remaining funding expected to come entirely from debt, or should shareholders expect additional equity issuance? The stock is under $4 today. That matters if equity becomes the fallback. Michel promised a great update next quarter. November earnings is the checkpoint. If Phase 2 is confirmed, just say it. That one sentence would do more for this stock than another headline.