WhiteFiber, Inc.
Information Technology · IT Services
WhiteFiber is positioned at the intersection of two secular tailwinds - the AI compute buildout and the chronic shortage of purpose-built, high-density GPU colocation capacity. 3 or better, designed to support up to 150 kW per cabinet - well ahead of legacy data center peers.
The $865M Nscale 10-year MSA provides a highly visible contracted revenue ramp with annual escalators, expected to begin contributing full revenue in Q3 2026. WhiteFiber also carries a separate $160M+ five-year AI compute agreement with an investment-grade technology customer deploying NVIDIA infrastructure in the Paris region, diversifying revenue geographically.
The company is an authorized NVIDIA Preferred Partner, giving it priority access to GPU allocations in a supply-constrained environment. 2B market cap, the market is pricing in significant contracted backlog execution; if NC-1 ramps to plan, forward revenue multiples compress sharply.
44, implying further upside from current levels.
WhiteFiber is burning cash - TTM profit margin is -46%, reflecting the capital-intensive build-out phase and elevated depreciation on new facilities. 5% coupon) and a $100M delayed-draw term loan add leverage at a stage when revenue is still ramping.
Execution risk is substantial: any delay to NC-1 power delivery, construction timelines, or Nscale's own GPU deployment schedule could push the contracted revenue inflection further out, compressing sentiment. Customer concentration is a concern - Nscale and one unnamed investment-grade customer represent the majority of the near-term contracted backlog.
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