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The rare neocloud with a filed track record. Five years of Finnish accounts show a bootstrapped, profitable GPU renter (€8M revenue, 15% operating margin in 2024) that turned loss-making in 2025 (€18M revenue, −€1.9M operating) as depreciation arrived. In 2026 it claims a jump from ~$30M to $165M run-rate in seven months, a ≥$1B valuation and a plan to raise $10B for 100k Rubin GPUs and 250 MW by 2027. The history is real and the plan is a different company. WATCHING whether the $165M July numbe