MIAMI, May 11, 2026, 06:01 EDT
Digi Power X Inc. boosted its at-the-market share-sale program to a maximum of $175 million, just days after locking in a 40-megawatt data center deal with Cerebras Systems. The Nasdaq-listed AI infrastructure firm said any shares sold will be issued stateside via A.G.P./Alliance Global Partners.
Digi’s timing is crucial: the company is repurposing old crypto-mining sites into AI-focused, power-hungry data centers, right as investor appetite for AI infrastructure stays hot. Its latest customer, Cerebras, could bump up both the price range and size of its IPO as early as Monday, according to Reuters, which cited sources saying orders are running at more than 20 times what’s on offer.
An at-the-market offering—ATM for short—allows a company to gradually sell its shares on public markets at whatever the current price is. Digi said proceeds could end up funding a mix of things: general corporate uses, shoring up working capital, building out a Tier 3 data center, reducing debt, or maybe even acquisitions. For context, Tier 3 points to a data center standard focused on reliability, with extra backup systems built in.
The prospectus supplement tacks on another $100 million to the program, which originally stood at $75 million. Out of that earlier allotment, Digi had already moved $72.36 million. With the new filing, the company heads into Monday’s U.S. session with a much larger financing tool on the table.
Digi ended Friday’s session at $6.63, climbing 7.1%. That puts the stock just shy of its 52-week quoted high of $6.80. Based on available quote data, the company’s market cap stood at roughly $462.8 million.
DGXX stock has grabbed attention mostly because of the Cerebras deal. According to a filing dated May 8, Digi reached an agreement on May 4 to deploy about 40 MW of AI computing power at its Columbiana, Alabama site. The plan calls for 15 MW to be up and running by December 15, 2026, with the full 40 MW slated for completion by the close of the first quarter of 2027.
The deal runs for an initial 10 years, valued at roughly $1.1 billion, and could reach around $2.5 billion if extended another seven years. A planned second phase—25 MW more—hinges on Digi lining up enough financing.
Michel Amar, who serves as both chairman and chief executive at Digi, described the Cerebras agreement as “transformational.” President Alec Amar put it another way, calling it “a statement.” Hans Vestberg — a senior adviser at Digi and formerly Verizon’s chief executive — pointed to high-density AI infrastructure as one of this period’s big buildout challenges.
Digi kicked off 2026 with limited revenue, still well below its buildout ambitions. For 2025, it logged $34.2 million in revenue and posted a GAAP net loss of $28.4 million. Cash stood at $78.5 million, digital-currency assets at $14.8 million. The company called out its pivot away from crypto mining, now targeting AI infrastructure, GPU-as-a-service, and colocation.
Things are accelerating. Just last week, Hut 8 locked in a $9.8 billion, 15-year lease for a 352 MW data center phase in Texas. Nvidia, for its part, is putting as much as $2.1 billion into data center firm IREN, aiming to roll out as much as 5 gigawatts of AI infrastructure. Digi’s Alabama build is only 40 MW—much smaller—but it’s chasing the same pinch point: power and space for AI hardware.
Execution and dilution loom as the key issues here. Digi needs to get the site built, outfitted, actually up and running—none of that is locked in yet, and phase two isn’t a given. The company’s own prospectus flagged its shares as a speculative bet and flagged plenty of risks. Selling stock through the ATM could bump up the share count, all depending on when and at what price they move it.
A.G.P. stands to collect a 3% commission on any shares sold through the program, according to the prospectus supplement. Digi isn’t locked into selling stock—it can pause or end sales whenever—but the filing carves out room should the company need cash to push ahead with a buildout; full revenue isn’t expected until the 40 MW deployment wraps up in early 2027.
