$APLD is negotiating higher rent on its own campuses. Same tenants, a higher rate, maybe a longer term. Wes Cummins on the Oct 7 call: "𝙙𝙚𝙛𝙞𝙣𝙞𝙩𝙚𝙡𝙮 𝙣𝙤𝙧𝙩𝙝 𝙤𝙛 15% 𝙥𝙡𝙪𝙨 𝙞𝙣𝙘𝙧𝙚𝙖𝙨𝙚𝙨 𝙤𝙣 𝙩𝙝𝙚 𝙡𝙚𝙖𝙨𝙚 𝙧𝙖𝙩𝙚" Its filings show the CoreWeave rent stepping up 3% a year. On the same structure, the 15% carries through every year of the term. Cummins also said later buildings on a campus cost less, since the first ones carry the land and substation. My 𝗣𝗦𝗜 𝗺𝗼𝗱𝗲𝗹 assumes the expansions keep the 3% step-ups and 15-year terms.