MIAMI, May 14, 2026, 15:07 EDT
- Digi Power X dropped roughly 14% in the afternoon session, trading more than 34 million shares.
- First-quarter earnings and an operations update from the company are slated for May 15, with the call scheduled to kick off at 8:30 a.m. ET.
- Eyes are on the Cerebras data-center agreement, the SubQ AI GPU rental contract, plus the company’s larger share-sale program.
Digi Power X Inc. shares tumbled Thursday, with investors pulling back ahead of the AI infrastructure firm’s first-quarter earnings set for release Friday morning. The Nasdaq stock was changing hands at $7.28 as of 14:50 ET, marking a drop of roughly 14% from the previous close. Earlier in the day, it had reached an intraday high of $9.25. Volume surged past 34 million shares.
The schedule’s notable here. Digi Power X set its first quarterly results update since rolling out news on AI data centers, GPU rentals, and a boost to its equity capacity. The company has slated the conference call for May 15, kicking off at 8:30 a.m. ET.
This update coincides with Cerebras Systems—listed in Digi Power X’s Alabama data-center deal—making a splashy entrance on the AI market stage. Shares of Cerebras kicked off trading at $350 on Thursday, soaring 89% past their $185 IPO price after the chipmaker pulled in $5.55 billion.
Digi Power X has inked a master services agreement with Cerebras, according to a filing, to build out a 40-megawatt AI data-center campus in Columbiana, Alabama. The project, split into two phases—first 15 MW, then 25 MW—comes with an initial 10-year term pegged at roughly $1.1 billion, and could climb to $2.5 billion factoring in possible renewals. “IT load” here means electricity used to run the servers and computing gear. A megawatt measures power capacity.
“Transformational,” is how Michel Amar, Digi Power X’s chairman and CEO, described the Cerebras deal. Hans Vestberg—senior adviser and ex-Verizon CEO—framed high-density AI infrastructure as one of the “defining challenges of our generation.”
The company has expanded its financing options, too. According to a May 8 SEC filing, Digi Power X bumped up its at-the-market equity program to a maximum of $175 million—$75 million of that had already been part of an earlier plan. By the time of the filing, $72.36 million in shares had been sold. With an at-the-market program, the company can gradually sell shares into the open market instead of unloading a single large batch.
Digi Power X said it may use the proceeds for anything from operations and working capital to building Tier 3 data-center facilities, paying down debt, or even acquisitions. Tier 3 is a data-center reliability rating; it typically means the site runs with backup power and cooling, staying online even during maintenance or certain equipment outages.
Digi Power X’s second revenue stream kicks off Friday, with a $19.6 million SubQ AI agreement spanning 24 months and starting May 15. The deal guarantees dedicated Nvidia Blackwell GPU access via NeoCloudz, Digi Power X’s GPU-as-a-Service platform. In practice, GPU-as-a-Service is renting raw graphics-chip computing power; “bare metal” signals the customer controls physical, not virtualized, hardware. Barchart.com
According to Digi Power X CTO Jagan Jeyapaul, launching the first GPU cluster marked a shift from just building out infrastructure to actually bringing in AI revenue. For the SubQ deal, Digi Power X disclosed an upfront payment of about $2.95 million, representing 15% of the total contract.
It’s a crowded field, and capital requirements are steep. Applied Digital landed a $7.5 billion, 15-year AI data-center lease last month with an unnamed U.S. hyperscaler, according to Reuters. Over in Missouri, Nebius broke ground on a gigawatt-scale AI factory campus in Independence on May 12. Digi Power X, taking a different tack with its owned-power, owned-site playbook, is betting it can snag market share in the same infrastructure buildout, even without the same scale.
Prediction markets showed strong AI enthusiasm for Cerebras, but Digi Power X didn’t register the same way. On Polymarket, traders gave about a 53% chance that Cerebras would close its first day with a market cap between $60 billion and $70 billion, while the $70 to $80 billion range followed at 31%. Total volume was around $221,000.
Still, execution remains the sticking point. Digi Power X flags plenty of caution: it faces possible funding gaps, needs to secure future capital, and could run into holdups with construction or acquiring major equipment. There’s also the question of whether demand for AI computing holds up—and if promised efficiency improvements will be realized. The share-sale program does offer room to maneuver, though tapping equity too often could weigh on current shareholders.
Friday’s call will probably hinge on the basics: cash, dates, capacity. Investors want to know how much of the Cerebras buildout has real funding behind it, when SubQ revenue actually appears, and if the company can keep the narrative alive without flooding the market with new shares.
