Citing Xingyun Technology's investor-relations activity record, 36Kr reported that as of Oct 9 the company had signed all of its compute contracts with five core customers, all under a heavy-asset model of buying GPUs, building clusters and collecting fixed rent. The five five-year orders total 16.878 billion yuan, with combined average annual rent of about 3.376 billion yuan: customer V (a centrally state-owned listed company) at 6.523 billion yuan over a 3+2-year term, VC at 5.508 billion, VB (a large model developer) at 3.053 billion, VD at 922 million and VE at 872 million. The filing also said top customers including V, VB and VC renegotiated higher rental prices on signed orders in the third quarter.