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$DGXX just reported Q1 2026 and I think the market is completely sleeping on this one. Let me break it down. 🧵
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Yes, revenue was $6.8M. Yes, the GAAP loss widened. If that's where you stopped reading, you missed everything.
This company is deliberately killing its old business to build something 10x bigger. The legacy crypto mining revenue is being wound down on purpose. What's replacing it is an entirely different animal.
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𝐓𝐡𝐞 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭
Cerebras — one of the world's top AI chipmakers — just signed a 10-year, $1.1B Master Services Agreement with $DGXX for a 40MW campus in Columbiana, AL.
Expandable to $2.5B with renewals. $1.4B expansion option on top of that.
Let that sink in. A company with a $573M market cap has a single contract worth nearly 2x its entire market cap already signed.
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𝐓𝐡𝐞 𝐁𝐚𝐥𝐚𝐧𝐜𝐞 𝐒𝐡𝐞𝐞𝐭
~$125M cash. Zero long-term debt. $15M in digital assets. $45M capex already deployed YTD.
This is the strongest balance sheet in company history and they're not done. A term sheet has already been signed for a 70/30 LTV debt structure to fund future builds — meaning Phase 2 gets financed through debt, not equity dilution.
They are actively protecting shareholders while scaling aggressively.
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𝐍𝐞𝐨𝐂𝐥𝐨𝐮𝐝𝐳 𝐢𝐬 𝐋𝐈𝐕𝐄
On the day of the earnings call, $DGXX signed its first bare-metal GPU contract — SubQuadratic AI, 24 months, on NVIDIA B200 and B300 hardware.
This isn't vaporware. The GPUs are in the ground, the contract is signed, and AI revenue is officially hitting the books.
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𝐓𝐡𝐞 𝐏𝐨𝐰𝐞𝐫 𝐌𝐨𝐚𝐭
Power is the #1 bottleneck for AI infrastructure globally. Hyperscalers are starving for it.
$DGXX has:
→ ~210MW grid-connected TODAY. No interconnection wait.
→ ~393MW total secured across AL, Niagara Falls, NC, and Buffalo.
→ 1.3GW West Virginia LOI for 2028-2030.
This is an asset that took years to assemble and cannot be replicated quickly. It is the reason Cerebras chose them. It is the reason more deals are coming.
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𝐓𝐡𝐞 𝐑𝐨𝐚𝐝𝐦𝐚𝐩
Management's public run-rate targets:
→ 2027: ~$300M
→ 2028: $450-500M
→ 2029: $800M-$1B
Phase 1 (15MW) RFS: December 2026 — 7 months away.
Full 40MW: Q1 2027.
The first real proof point is December. That's your catalyst.
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𝐓𝐡𝐞 𝐕𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧
$573M market cap. ~$448M EV after backing out cash.
A signed $1.1B contract (expandable to $2.5B). 210MW of live power. Blackwell GPUs generating revenue. A term sheet for non-dilutive debt financing. Hans Vestberg (ex-Verizon CEO, BlackRock board) just added as Senior Advisor.
The market is pricing this like the pivot might fail. I think the pivot is already working.
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December 2026 Phase 1 RFS is the line in the sand. If they hit it, this re-rates hard.
I'm watching closely. $DGXX
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