New York, May 11, 2026, 07:02 EDT
- WhiteFiber reports first-quarter results May 14, and investors are zeroed in on the company’s AI data-center ramp.
- NC-1 sits at the center of things—a North Carolina facility linked to a 10-year Nscale colocation agreement worth about $865 million.
- CoreWeave and IREN are drawing both capital and the spotlight, tightening the contest in the AI infrastructure market.
WhiteFiber, Inc. is set to release its first-quarter numbers ahead of a May 14 conference call, putting the spotlight on its efforts to turn ongoing data-center expansion into more consistent revenue. CEO Sam Tabar, CFO Eric Huang and other top executives will break down the quarter starting at 9:00 a.m. Eastern, according to the company.
The timing is key here. WhiteFiber’s upcoming update hits while its NC-1 data center in Madison, North Carolina, shifts from just a construction play to actually generating revenue. Investors these days aren’t just chasing demand—they’re also scrutinizing execution, power access, and the cost of debt before bidding up or down on AI infrastructure stocks. Early Monday, WhiteFiber shares were quoted at $24.08, with 88,680 shares changing hands, according to Robinhood.
The deal WhiteFiber struck with Nscale back in December is still the key factor here. The company says its 40-megawatt colocation booking at NC-1 amounts to an estimated $865 million in contracted revenue across that first 10-year stretch. Colocation, in this case, is just WhiteFiber leasing out the space, electricity, and cooling—the client brings and runs its own hardware. According to filings, billing for the first 20 MW was set to kick off April 30, with the next 20 MW scheduled for May 30.
WhiteFiber offers a pair of connected services: customers can buy cloud access to GPU clusters—the hardware backbone for AI projects—or opt for colocation, essentially renting space and power for their own equipment. These high-performance computing (HPC) setups fuel demanding jobs like training AI models or handling big technical workloads. According to the company’s annual report, cloud-related revenue shifts with the number of GPUs in use, how much those GPUs are working, power constraints, and how quickly customers get onboarded. For colocation, revenue swings on factors like how developed their sites are, when sites get powered up, and the amount of energy under contract.
WhiteFiber’s most recent quarter brought in $23.6 million in revenue, up 61% from a year ago, but the company hasn’t reached consistent profitability. The fourth quarter closed with a net loss of $1.5 million. For 2025 as a whole, revenue reached $79.2 million, with a net loss landing at $24.7 million, according to a company filing and release.
Back in March, Tabar put it plainly: “Demand for high-density AI infrastructure continues to exceed available supply.” MTL-3, he said, is now up and running—already generating revenue thanks to a Cerebras colocation agreement. As for NC-1, it’s landed its anchor tenant. PR Newswire
WhiteFiber’s funding drive got a boost after it wrapped up a $230 million private placement of 4.5% convertible senior notes due 2031 back in January. The company plans to funnel the proceeds into expanding its data-center footprint and stepping up infrastructure investments. According to its annual report, the notes brought on new long-term debt and commit WhiteFiber to around $10.4 million in yearly cash interest payments.
Competition is heating up fast. CoreWeave turned in first-quarter revenue of $2.08 billion and reported a revenue backlog totaling $99.4 billion as of March 31, though it also booked a net loss of $740 million. NVIDIA and IREN disclosed a plan to roll out as much as 5 gigawatts of AI infrastructure together, while IREN on its own unveiled a five-year AI cloud agreement with NVIDIA worth around $3.4 billion.
The catch: demand isn’t the whole story here. In its latest annual report, WhiteFiber flagged the need for “substantial additional capital” to grow its data-center footprint. That may prove tricky—market conditions could make fundraising expensive, or even out of reach on terms it wants. The filing also revealed a heavy customer concentration: a single client was responsible for about 70.7% of projected 2025 revenue. Yet after pausing services for that account, no firm deal had been reached, despite WhiteFiber saying it had redeployed the GPUs involved. app.quotemedia.com app.quotemedia.com
Power remains a wildcard. WhiteFiber flagged possible hits to operations from energy disruptions, curtailments, or price spikes across Iceland, Canada, and the U.S. The company specifically called out its data centers in Iceland and Canada, where hydropower shortages and other supply snags could pose threats.
So Thursday’s call isn’t likely to focus on the usual debate around AI demand—almost nobody doubts that story. It’s the details that matter: timelines, liquidity, client wins, and power requirements. The outlook for WhiteFiber hinges on NC-1 hitting deadlines, plus the company’s ability to diversify revenue streams even as it pours cash into a costly expansion.
