Cleanest miner-pivot execution: 1 GW Beacon Point AI campus fully commercialized, $19.6B base-term contract value, Q2 revenue +81% YoY to $74.9M. Lowest short interest in miner-pivot cohort (11.7%). Fills Forward-Architecture sleeve at 0% vs 5-10% target.

PT-implied upside: $156 / $92.76 = 1.68x — technically low by strict mapping, but contract-value derivation supports medium. $19.6B base-term contract at ~30% EBITDA margin = ~$5.9B total EBITDA; at 15x sector multiple = ~$88B platform value vs current ~$17B estimated market cap, implying the PT of $156 is deeply conservative relative to infrastructure multiples if contracts are realized. Category typical for a forward-architecture HPC campus is medium. Calling medium with contract-value derivation as primary; PT-implied 1.68x is the low-end bound. Q2 revenue +81% YoY confirms pivot is executing. AMZN FCF tripwire flagged but capex-driven; recommend operator acknowledgment. Not currently in Aegis research watchlist — new entry candidate. [red-team: holds]

Cleanest miner-pivot execution: 1 GW Beacon Point AI campus fully commercialized, $19.6B base-term contract value, Q2 revenue +81% YoY to $74.9M. Lowest short interest in miner-pivot cohort (11.7%). Fills Forward-Architecture sleeve at 0% vs 5-10% target.