TL;DR · 30-second read
The Short Version
WhiteFiber, a company that rents out computing power for artificial intelligence, is spending $60 million on two properties in North Carolina to build more data centers, which are warehouses full of computers. The sites are expected to come with enough electricity for tens of thousands of homes, and that much power is increasingly hard to get.
It already has customers. A 10-year deal worth about $865 million has started paying, and the company has signed more than $550 million in other contracts since May.
The catch: it still loses money, $15 million last quarter, and it issued new shares, so each existing share now owns a smaller slice of the company.
WhiteFiber, Inc. (WYFI), an operator of AI data centers and GPU cloud services, attached an investor presentation to an 8-K filed with the SEC on September 14, 2026. Minichart’s summary of the presentation reported that on August 16 the company signed a definitive agreement to buy two North Carolina industrial properties, designated NC-2 and NC-3, for $60 million in cash. The sites are expected to provide at least 60 MW of initial gross electrical capacity, with potential for roughly 198 MW over time. Confirmation of that capacity is a closing condition, and closing is expected in the fourth quarter of 2026.
The presentation also reported more than $550 million of new cloud contract value booked since May 2026. Billing has begun at the NC-1 campus under Nscale’s 10-year, 40 MW lease, which is worth about $865 million. WhiteFiber described a pipeline of roughly 1.5 GW, completed an August exchange that retired about 86% of its 2031 convertible notes, and reported a second-quarter net loss of $15.0 million.
Executive Summary
WhiteFiber’s September investor update shows a company reorganizing around contracted, long-duration revenue. At its core is the Nscale anchor lease at NC-1. That single contract averages about $86.5 million a year over its term, which is close to the company’s entire $94.5 million of combined revenue for the twelve months ended June 30. Around it sit five disclosed cloud contracts and a sixth undisclosed one, spread across Canada, Iceland, Paris and WhiteFiber’s own U.S. fleet.
The $60 million North Carolina purchase is the physical follow-through. WhiteFiber is using its backlog as the case for buying powered land before it has binding tenants, and it says non-binding letters of intent backed by investment-grade credit are in hand. The strategy is coherent. The open questions are about execution. Revenue depends on construction, GPU deliveries and customer acceptance. Net losses widened year over year, and the note exchange added about 6.3 million shares.
From GPU Renter to Landlord
WhiteFiber has two businesses. One rents GPU computing capacity by the hour or by contract, which is its cloud services business. The other leases data center space and power to other AI companies, which is its data center business. Cloud is still the larger segment, with $79.6 million of trailing-twelve-month revenue against $15.0 million from data centers. The data center line, however, grew 10.7 times from FY2024, and the Nscale lease is set to change the mix sharply once it ramps.
The economics of that shift are the story. A 10-year lease for 40 MW of IT load gives visibility that hourly GPU rental cannot. IT load is the power available to customers’ servers. Gross capacity, by contrast, also covers cooling and other building overhead. WhiteFiber says Phase 1 of NC-1 is fully contracted and that Duke Energy has completed work to deliver the initial 54 gross MW. Management believes the site could eventually reach 200 gross MW. If it does, NC-1’s current tenant would occupy only part of a campus that already has a utility relationship, which is a meaningful advantage when grid connections are the industry’s main bottleneck.
The presentation says initial billing began in the third quarter and that full revenue contribution is expected in the same quarter as the facility reaches contractual capacity. That timing is still subject to deployment, commissioning and customer acceptance. Whether the ramp lands on schedule is the near-term test investors will watch in the next quarterly report.
Buying Power, Not Just Buildings
At $60 million for a minimum of 60 MW of initial gross capacity, WhiteFiber is paying roughly $1 million per initial megawatt for NC-2 and NC-3. That falls to about $300,000 per megawatt if the full 198 MW materializes. The price covers the properties, not the fit-out. Turning industrial buildings into AI-ready halls with high-density power and liquid or advanced cooling costs far more than the land. The acquisition is best read as an option on scarce, electrified sites rather than as the full cost of new capacity.
Two structural protections stand out. First, the power capacity has to be confirmed as a condition of closing, so WhiteFiber should not end up owning sites without the electricity it is paying for. Second, the sites are about 55 miles from NC-1, which could let the company reuse staff, contractors and regional know-how. The target of initial ready-for-service capacity in the third quarter of 2027 is aggressive for conversions of this kind, and it depends on the deal closing on time in late 2026.
Demand support is real but not yet binding. WhiteFiber cites non-binding letters of intent backed by investment-grade credit from prospective customers. That is a stronger signal than a speculative build. It is still short of a signed lease like Nscale’s at NC-1.
How Solid Is $550 Million of Cloud Backlog?
The five disclosed contracts total about $538 million, and the unpresented July win of roughly $16 million brings the figure above $550 million. The contracts differ considerably. Terms run from two years (Hyperbolic / Modal Labs, about $17 million) to five years (the Paris deployment, over $160 million, and a Canada inference contract, about $88 million). Prime Intellect’s roughly $165 million three-year deal is the largest single item. Averaged evenly across their terms, the five contracts would add up to around $150 million a year at full run rate. That figure is simple arithmetic, not company guidance.
Most of this backlog requires new hardware: NVIDIA B300 systems in Canada and VR200 systems for WhiteFiber’s first Vera Rubin deployment in the U.S. The capital cost of those GPUs is the central economic question. The Paris contract is the most de-risked on the page, with an investment-grade customer, customer prepayments and project-level financing. The Hyperbolic / Modal Labs deal is the least capital-intensive because it uses H200s already in the fleet and needs no new GPU spending.
Contract length matters because GPU generations turn over quickly. A three-year contract on current-generation hardware can recover a large share of the equipment cost within the term. What the systems earn afterward is harder to predict. The revenue-sharing upside on the Canada inference contract adds potential gains, and it also means that part of that contract’s value depends on the customer’s success.
The Balance Sheet Behind the Build
The August note exchange raised about $298.5 million in net proceeds from new $310 million 2032 convertible notes. WhiteFiber spent roughly $118.5 million in cash to retire about 86% of its 2031 notes, leaving around $180 million net. It also issued about 6.3 million shares, roughly 16% of the 38.85 million basic shares outstanding afterward. The conversion price on about 91% of the principal involved is set at a 25% premium to a $27.07 reference price. Separately, WhiteFiber holds a zero-strike call on 5.91 million shares, bought in January 2026 for about $120 million. Arrangements of that kind are generally used to offset dilution.
The operating picture shows growth ahead of profit. Second-quarter revenue rose about 54% to $28.8 million, and adjusted EBITDA increased to $5.5 million from $3.3 million. Over the same period the net loss widened to $15.0 million from $8.8 million, which included a $5.0 million impairment of capitalized software. That pattern is common for infrastructure companies spending ahead of contracted revenue. It does mean the company’s expansion depends on continued access to capital markets and project financing.
Background
WhiteFiber is a New York-headquartered AI infrastructure company that went public in 2025 after being carved out of Bit Digital. It runs two lines of business: GPU cloud services, which rent high-end NVIDIA computing capacity to AI developers, and data center services, which lease powered space to other AI operators. Its footprint spans Canada, Iceland, the United States and a Paris region deployment, with its flagship owned campus, NC-1, in North Carolina.
WhiteFiber belongs to a group of so-called neoclouds, specialist GPU providers that have grown alongside demand for AI training and inference. Across the sector, the limiting factor has shifted from chips to electricity, because utility grid connections can take years to secure. Companies that control powered sites are therefore increasingly able to sign long-term contracts. WhiteFiber’s 10-K for 2025 was filed on March 26, 2026, and its 10-Q for the second quarter on August 12, 2026. Source: WhiteFiber Signs $60 Million Deal for Two North Carolina Data Center Sites (Minichart), a summary of WhiteFiber’s September 2026 investor presentation. Related coverage: WhiteFiber unveils $865M Nscale anchor deal, >$550M cloud wins and 1.5GW pipeline (TradingView) and WhiteFiber Updates Investors on AI Data Center Strategy (TipRanks). Primary sources: WhiteFiber, Inc. Form 8-K Current Report, filed September 14, 2026; Exhibit 99.1: Investor Presentation of WhiteFiber, Inc. as of September 2026.Sources