{ "sources_checked_on": "2026-09-24", "scope": "Selected provisions of filed, signed instruments. Not a reconciliation of every later amendment, a legal enforceability opinion, or an observation of current performance or cash receipt.", "sources": [ { "id": "NBIS-MS-BASE", "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926052948/nbis-20251231xex4d4.htm", "instrument": "Nebius-Microsoft SOW, Exhibit 4.4", "stated_effective_date": "2025-09-07", "signature_dates": ["2025-09-07", "2025-09-08"], "reviewed_sections": ["1.1", "1.1A", "2", "3.2", "3.3", "Exhibit F items 2, 5, 14, 18, 22"], "redacted": true }, { "id": "NBIS-MS-ADD1", "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926052948/nbis-20251231xex4d5.htm", "instrument": "Addendum 1, Exhibit 4.5", "stated_effective_date": "2026-01-21", "signature_dates": ["2026-01-21", "2026-01-22"], "reviewed_sections": ["1", "2(a)-(g)", "3"], "redacted": true }, { "id": "IREN-MS-SOW", "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000015/exhibit103-partnerstatem.htm", "instrument": "IE US 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"actual_security_perfection_verified": false, "actual_lender_commitment": null }, { "id": "iren-acceptance-and-payment", "source_id": "IREN-MS-SOW", "clauses": ["2.1", "3.2(a)"], "minimum_quantity_before_valid_delivery_notice": true, "minimum_quantity_fraction": null, "acceptance_period": {"amount": 5, "unit": "days_as_written"}, "cure_period": {"amount": 15, "unit": "business_days"}, "upfront_fraction_of_tranche_value": 0.2, "upfront_credit_starts_after_service_calendar_month": 24, "monthly_invoice_start": "acceptance_of_minimum_quantity", "monthly_quantity_excludes_unaccepted_gpus": true, "invoice_due_days": null }, { "id": "iren-extension-and-exit", "source_id": "IREN-MS-SOW", "clauses": ["3.2 opening", "3.2(e)", "3.3(b)-(d)", "6"], "delay_rule": "adjust_all_tranche_end_dates_to_preserve_aggregate_total_amount", "termination_can_reduce_contract_value": true, "qualifying_delivery_termination_refunds_paid_upfront": true, "delivery_termination_refund_days": null, "debt_maturity_automatically_extends": null }, { "id": "iren-step-in", "source_id": "IREN-MS-SOW", "clauses": ["2.2"], "side_letter_procurement_standard": "good_faith_efforts", "customer_step_in": "option_not_obligation", "signed_direct_agreement_observed_in_this_source": false }, { "id": "coreweave-openai-interruption", "source_id": "CW-OAI-MSA-MAY", "clauses": ["11(a)", "13(c)", "13(e)"], "force_majeure_nonperformance_fee_exemption": true, "performed_services_remain_payable": true, "force_majeure_termination_threshold": {"amount": 30, "unit": "consecutive_days", "event": "continuing_failure_or_delay"}, "termination_is_automatic": false, "refund_scope": "prepaid_fees_unapplied_to_performed_services", "cash_refund_payment_deadline": null, "order_form_has_priority_over_msa_body": true, "observed_termination_or_refund": null } ], "illustration": { "status": "hypothetical_not_company_calibration", "original_nominal_contract_value": 100, "original_scheduled_upfront": 30, "added_nominal_contract_value": 50, "added_scheduled_upfront": 0, "original_upfront_share": 0.3, "combined_upfront_share": 0.2, "observed_liquidity_or_leverage_ratio": false }, "limitations": [ "A signed contract, an operative payment obligation, an invoice and a collected amount are distinct states.", "Unknown or redacted terms remain null; explicit exclusion of the defined Upfront Payment is recorded as zero only for the named additional cohort.", "No percentage is inferred from the inaccessible Nebius annual-report page or inserted into its redacted base SOW.", "IREN's extracted opening TCV and Table 1 aggregates differ; precise aggregate amounts are not used here pending visual reconciliation.", "Cash-curve differences within one SOW do not establish legal segregation.", "Publicly filed provisions do not prove the absence of later overriding Orders or amendments." ] }