Digi Power X has converted a bitcoin mining and colocation legacy into a secured power platform spread across three states, and it has signed a ten year anchor colocation contract with Cerebras Systems. The deal carries roughly $1.1 billion of contract value over the initial term. The power footprint is the core of the story: a combined cycle plant in North Tonawanda, an additional 123 MW in Buffalo, and a further 200 MW staged in North Carolina. The whole portfolio is held by an issuer that reports just 17 employees.
The second quarter of 2026 shows the transition in its earliest revenue form. Revenue for the quarter totaled $6.6 million, of which $1.1 million came from GPU bare metal rental over its first five weeks of operation. Adjusted EBITDA printed at $3.3 million for the quarter against a GAAP net loss of $14.4 million. The bull case rests on one counterparty, one Alabama site, and a capital base raised mostly at the market. Cash stood at $128.1 million at the half, with no long term debt. The Cerebras Phase 2 tranche is expressly conditioned on project financing that had not closed as of the filing date, and the share count grew 42% in one half year.