WhiteFiber debuts as AI infrastructure provider with $865M contract, 70% revenue tied to paused customer

Filed March 26, 2026 · Period ending December 31, 2025 · ~2 min read

Key Changes

• high

  Largest customer representing 70.7% of 2025 revenue ($56M of $79M) has paused services with no resolution reached; GPUs redeployed to three other customers but outcome of negotiations uncertain.

  Business: Customer concentration verify on EDGAR →
• high

  Signed 10-year, $865 million colocation contract with Nscale at NC-1 facility; billing expected to begin June 2026 once 40 MW phase is commissioned, providing long-term revenue visibility if construction completes on schedule.

  Business: Major customer contract verify on EDGAR →
• high

  Raised $230M via 4.5% convertible notes in January 2026, netting $102.5M after fees; company states it cannot complete NC-1 retrofit or reach 99 MW capacity target by 2029 without additional debt financing.

  Risk Factors: Capital intensity verify on EDGAR →