WhiteFiber Signs $60 Million Deal for Two North Carolina Data Center Sites, Discloses Over $550 Million in Cloud Contracts

WhiteFiber, Inc. (WYFI), an AI infrastructure company operating data centers and GPU cloud services, has disclosed a series of material developments in an investor presentation filed with the SEC, including a $60 million acquisition of two North Carolina industrial properties, more than $550 million in new cloud contract wins since May 2026, and the exchange of most of its 2031 convertible notes.

The company signed a definitive agreement on August 16, 2026 to acquire two industrial properties in North Carolina for $60 million in cash. The sites, designated NC-2 and NC-3, are expected to provide a combined minimum of 60 MW of initial gross electrical capacity, with potential for up to roughly 198 MW across the properties over time, subject to confirmation as a closing condition. WhiteFiber is targeting initial ready-for-service capacity in the third quarter of 2027 and expects the transaction to close in the fourth quarter of 2026, subject to customary due diligence and closing conditions. The properties sit roughly 55 miles from the company's existing NC-1 campus, and WhiteFiber said it has non-binding letters of intent with investment-grade credit support from prospective customers.

Since May 2026, WhiteFiber has booked greater than $550 million in aggregate total contract value on new cloud services wins, spanning facilities in Canada, Iceland, the U.S. owned fleet and a Paris region deployment. Among the disclosed contracts, a Paris region deployment for an investment-grade technology customer carries more than $160 million in total contract value over five years, with service expected to commence in September 2026 using advanced NVIDIA GPU systems and supported by customer prepayments and project-level financing. A contract with Prime Intellect in Canada represents approximately $165 million in total contract value over a three-year term, with revenue expected to begin in November 2026 on advanced B300 GPUs. A U.S. owned-fleet agreement deploying advanced VR200 GPUs carries approximately $108 million in total contract value over three years, with service expected to commence in the second quarter of 2027 — WhiteFiber's first Vera Rubin deployment. A Canada AI inference platform contract is valued at approximately $88 million in total contract value over five years, with service expected to commence in December 2026 on B300 GPUs and potential revenue-sharing upside. Additionally, a contract with Hyperbolic / Modal Labs is valued at approximately $17 million in total contract value over two years, deploying H200 GPUs from WhiteFiber's existing owned fleet with no incremental GPU capital expenditures, with revenue having begun in June 2026. The company also cited an approximately $16 million contract win in July 2026 that was not separately presented.

At the flagship NC-1 campus, initial billing commenced during the third quarter of 2026 under the 10-year, 40 MW IT load agreement with Nscale representing approximately $865 million in total contract value. Full revenue contribution is expected in the third quarter of 2026 as the facility reaches contractual capacity, subject to deployment, commissioning and customer acceptance milestones. Phase 1 gross capacity is 100% contracted, and Duke Energy has completed the work to deliver the initial 54 gross MW of utility power, with management believing the site may receive up to 200 gross MW over time.

WhiteFiber completed an exchange of convertible notes in August 2026, retiring approximately 86% of its 2031 notes. The transaction generated approximately $298.5 million in net proceeds from new $310 million 2032 notes, less roughly $118.5 million in cash paid to exchange the 2031 notes, for about $180 million in net proceeds. The exchange issued approximately 6.3 million shares, bringing post-exchange basic shares to approximately 38.85 million, and the conversion price on roughly 91% of principal reflects a 25% premium to the $27.07 reference price. The company remains party to a separate zero-strike call covering 5.91 million shares, paid for in January 2026 for approximately $120 million.

Combined revenue reached $94.5 million for the last twelve months ended June 30, 2026, up 99% from FY2024, while second quarter 2026 revenue was $28.8 million versus $18.7 million in the year-ago quarter. Data center revenue was $15.0 million for the last twelve months, a 10.7x increase from FY2024, and cloud services revenue was $79.6 million, up 72% from FY2024. Profitability remains under pressure. WhiteFiber reported a net loss of $15.0 million in the second quarter of 2026, wider than the $8.8 million loss in the second quarter of 2025, and a net loss of $24.7 million for FY2025. Adjusted EBITDA was $5.5 million in the second quarter of 2026 versus $3.3 million a year earlier, and FY2025 Adjusted EBITDA was $17.3 million. Operating expenses included a $5.0 million impairment of capitalized software assets in the second quarter of 2026.

The presentation frames WhiteFiber's shift from a GPU cloud provider into an integrated AI infrastructure platform with contracted, long-duration revenue. The Nscale anchor lease and the more than $550 million of new cloud contract value give investors visible multi-year revenue backlog, while the $60 million North Carolina acquisition and roughly 1.5 GW pipeline signal that management intends to keep expanding capacity. The convertible note exchange simplifies the capital structure but adds dilution of roughly 6.3 million shares. Execution risk remains material, as revenue recognition depends on construction, equipment delivery and customer acceptance milestones, and the company continues to report net losses.