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WhiteFiber serves customers that need computing power to train AI models and run them to produce outputs. It deploys GPU clusters in third-party data centers and charges for usage or reserved capacity. Customers include direct users and GPU marketplaces that resell the computing power. Cloud services have supplied most of its revenue.
It also operates data centers where customers install their own hardware, paying monthly fees for space, power and cooling under multi-year contracts. Cerebras is a paying customer at its MTL-3 facility in Quebec. Nscale has contracted for capacity at NC-1 in North Carolina, but the planned start of billing remains subject to construction and commissioning.
Revenue is concentrated among a small number of customers. An unnamed initial cloud customer previously supplied most of the company's revenue, but services have been paused and its GPUs reassigned to other customers; the parties have not finalized a settlement or termination. The business depends on available power, GPU supplies and customers using its capacity. Data-center expansion also requires funding and utility approvals and permits. Export controls may require licenses or restrict which markets WhiteFiber can serve.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
WhiteFiber’s results hinge on resolving its paused Initial Customer agreements and delivering NC-1 capacity for Nscale’s colocation contract, worth approximately $865 million over 10 years.
Bit Digital owned approximately 70.5% of WhiteFiber as of December 31, 2025, giving its shareholders substantial exposure to the GPU capacity and data-center space WhiteFiber sells to AI developers and other customers. Shared leaders can create conflicts over funding and resources, making those decisions relevant to WhiteFiber holders.
CoreWeave competes with WhiteFiber for customers paying for GPU cloud capacity to train and run AI models. Its long-term commitments from enterprises, AI labs and technology companies offer a comparison for demand for WhiteFiber’s cloud services.
Nebius Group and WhiteFiber seek overlapping customers who pay for GPU capacity to train and run AI models. Nebius also supplies storage and software tools, so its ability to deliver capacity from a single node to thousands is a concrete comparison for WhiteFiber’s cloud offering.
IREN offers a comparison for WhiteFiber’s combined data-center and AI-cloud model: both supply infrastructure and paid computing capacity for AI training and inference. Watch how IREN brings customer compute online using its own data centers, hardware and software.
TeraWulf and WhiteFiber both earn long-term lease revenue by providing power-intensive data-center infrastructure to HPC and AI customers. TeraWulf’s contracted capacity deliveries at Lake Mariner offer a comparison for turning WhiteFiber’s NC-1 commitments into operating facilities and revenue.
Applied Digital and WhiteFiber build and lease high-density data centers to customers running AI and other accelerated computing. Applied Digital’s progress securing power and grid connections is worth watching alongside WhiteFiber’s site energization, because it identifies these as the main constraint on new HPC capacity.
Core Scientific and WhiteFiber develop facilities where AI and HPC customers pay for space, power and cooling for their own hardware—high-density colocation. Core Scientific’s conversion of mining infrastructure for AI workloads is a useful comparison for WhiteFiber’s retrofit data-center strategy.
WhiteFiber depends on NVIDIA’s GPU technology to provide paid cloud computing, and new hardware generations can change its deployments and customer orders. Its Initial Customer delayed an additional GPU order while evaluating newer NVIDIA chips, making customer adoption of new generations especially worth watching.
Cipher Digital is developing data centers for large cloud-company tenants that compete with WhiteFiber’s power-intensive colocation offering. Its 600 MW of HPC facilities under development across two sites is the relevant business to watch, rather than the bitcoin mining that generated its revenue through December 31, 2025.
Digital Realty competes with WhiteFiber to sell enterprises and service providers space, power and cooling for their hardware. Its customer deployments range from single cabinets to multi-megawatt facilities, offering a comparison for demand for WhiteFiber’s leased space and power.
HIVE Digital Technologies Ltd.’s HPC business and WhiteFiber both sell computing infrastructure to AI customers, including those running high-density GPU workloads. HIVE’s upgrades of mining facilities for AI computing offer a comparison for WhiteFiber’s reuse of existing buildings and power infrastructure.
Exascale Labs Holdings Inc. competes with WhiteFiber for customers paying for GPU capacity to train and run AI models, and explicitly names WhiteFiber as a rival. Its GPU access and cluster-management services generate revenue; its complementary data-center and cooling capabilities had not generated revenue as of its Annual Report.
Alpha Compute Corp and WhiteFiber both lease NVIDIA GPU capacity to customers committing to AI training and inference workloads. Alpha Compute’s contracted lease rates and capacity utilization offer a direct comparison for the drivers of WhiteFiber’s committed-capacity cloud revenue.
Equinix competes with WhiteFiber for customers paying recurring fees for data-center space and power to run their own IT hardware. Its monthly recurring infrastructure revenue is a closer comparison for WhiteFiber’s recurring colocation business than one-time installation fees.
WhiteFiber relies on Super Micro for computing hardware used to serve paying HPC customers, and receives early access to its next-generation platforms for testing. Watch Super Micro’s new AI server platforms and deliveries: a key supplier’s failure to fill orders could delay WhiteFiber’s development and operations.
WhiteFiber depends on Duke Energy’s electricity supply to energize and expand NC-1, where Nscale pays for colocation and reimburses electricity costs. Duke Energy’s delivery of power capacity matters directly to when WhiteFiber can bring that contracted capacity into service and earn revenue.
Equinix, Inc. earningsEQIX
Equinix's report will show how demand is changing for recurring data-center space and power, the service it shares with WhiteFiber's colocation business.
Read Equinix's recurring infrastructure revenue alongside WhiteFiber's colocation revenue trend. If the former holds up and the latter grows, demand for space and power for customers' own equipment appears supportive; weakness at Equinix would make WhiteFiber's own customers and contracts more important evidence for its expansion. Their scale and business mix differ, so the conclusion is whether industry demand provides a helpful backdrop for WhiteFiber's recurring lease revenue, not whether the two revenue figures are interchangeable.
Super Micro Computer, Inc. earningsSMCI
Super Micro's report will show whether a key server supplier can deliver new platforms and equipment WhiteFiber needs to bring computing capacity online for customers.
Watch Super Micro's updates on new AI server platforms and deliveries. Smooth deliveries and platforms progressing on schedule would reduce the risk of supply delays as WhiteFiber deploys GPU servers; disruption could postpone turning customer demand into billable computing capacity. Super Micro's total deliveries do not establish WhiteFiber's allocation, so the conclusion is whether a supplier-side deployment risk is easing or growing.
Duke Energy Corporation earningsDUK
Duke Energy's report can offer clues about power supply and capacity, which WhiteFiber needs to put contracted colocation capacity at NC-1 into service.
Watch Duke Energy's comments on power capacity, demand and grid expansion. If supply can keep pace with new demand, conditions are more supportive of WhiteFiber energizing NC-1 and putting contracted capacity to work; if supply or grid expansion is constrained, completed construction alone may not bring capacity into service on time, delaying revenue tied to Nscale. Duke's overall results cannot confirm progress at the NC-1 site, so the conclusion is whether power is becoming a more supportive condition or a bottleneck.
TeraWulf Inc. earningsWULF
TeraWulf's report will show whether contracted, power-intensive data-center capacity is reaching operation on schedule, a useful comparison for WhiteFiber's effort to turn NC-1 commitments into service revenue.
Watch how much contracted capacity TeraWulf brings online at Lake Mariner and when it begins contributing revenue. Timely delivery and revenue would show that projects of this kind can turn contracts into operating capacity; delays would underscore the execution risk WhiteFiber faces in converting NC-1 commitments into revenue. The sites are not the same, so the conclusion is whether industry project progress supports WhiteFiber's ability to deliver its colocation commitments on schedule.
CoreWeave, Inc. earningsCRWV
CoreWeave's report will show whether AI labs, enterprises and technology companies are committing to GPU cloud capacity, the market WhiteFiber's cloud services also serve.
Read CoreWeave's long-term customer commitments alongside how they translate into revenue, then compare that signal with WhiteFiber's cloud-services revenue trend. Steady commitments converting into revenue would support the market for GPU cloud services; fewer commitments or weak conversion would make it more important to ask whether WhiteFiber can keep finding paying customers after investing in GPU capacity. The companies differ in scale and customer mix, so the conclusion is whether demand is becoming paid business, not merely contracted capacity.
WhiteFiber, Inc. earningsThis company
WhiteFiber's report will show whether growth in GPU cloud services and data-center leasing is broadening revenue and beginning to cover the costs of expansion.
Read cloud-services revenue alongside customer concentration and operating expenses. If cloud revenue grows with more customers and expenses do not grow faster, new GPU capacity is producing broader, better-supported revenue; if revenue still depends heavily on a few customers, or expenses outpace it, expansion has not yet reduced concentration or addressed operating losses. Colocation revenue shows how the longer-term recurring-fee business is progressing. The conclusion is whether WhiteFiber's growth is becoming more diversified and better able to cover its costs.
Bit Digital, Inc. earningsBTBT
Bit Digital owns about 70.5% of WhiteFiber, so its report offers context on the parent's resources and priorities behind potential funding and shared-resource conflicts.
Watch how Bit Digital describes its own use of capital and any investment, support or resource arrangements involving WhiteFiber. If it can fund its own plans and clearly explain its arrangements with WhiteFiber, investors can better assess whether support is sustainable; competing demands or unclear arrangements leave open the risk that related-party decisions affect WhiteFiber's financing and operations. The parent's report does not replace WhiteFiber's own results, so the conclusion is whether the resources behind the controlling relationship are clear or the potential conflicts are harder to assess.
Nvidia Corp earningsNVDA
NVIDIA's report will show demand for newer GPUs, which WhiteFiber relies on to provide cloud services and whose adoption can shape customers' upgrade decisions.
Watch NVIDIA's comments on demand for and delivery of newer GPUs, alongside WhiteFiber's cloud-services revenue and customer purchasing trends. Strong adoption could help WhiteFiber win cloud-compute orders with newer hardware, but may also require more investment; slower adoption would make the timing and return on additional GPU purchases less certain. NVIDIA's overall demand is not the same as WhiteFiber customers' orders, so the conclusion is whether new chips are creating demand WhiteFiber can monetize or adding investment pressure.
Alpha Compute Corp earningsALP
Alpha Compute's report will show how GPU lease rates and capacity use are developing, two drivers of whether WhiteFiber's cloud revenue can support its equipment investment.
Read Alpha Compute's GPU lease rates alongside capacity utilization, then compare the signal with WhiteFiber's cloud-services revenue. Firm rates and high utilization would suggest paying demand can support GPU investment; falling rates or weak utilization would mean deployed equipment may not earn commensurate revenue. The companies' contracts and customer mix may differ, so the conclusion is whether price and usage together support the economics of WhiteFiber's cloud services.
