Hyperscale Data turned off its last Bitcoin miner at the Michigan facility on September 1, 2026. The company is clearing space for an AI data center under a long-term hosting contract. Its shares fell the following day and kept falling the day after that.
The hosting contract is with an unnamed California-based neocloud provider — a company that rents out AI computing capacity to other businesses. It covers 20 megawatts of computing capacity, with an initial 10-year term and two five-year extension options the customer may exercise. If the customer holds the contract to its maximum term, Hyperscale Data says it expects to collect more than $1.2 billion in revenue, according to its September 2 announcement.
For shareholders, the big number is the conditional one. The customer holds a right to an additional 32 megawatts; if exercised and held through the full maximum term, total contract revenue could exceed $3 billion — but neither option has been taken yet. Even with both exercised, Hyperscale Data says the combined deployment would cover only about 20% of the roughly 340 megawatts it expects to eventually make available at the Michigan site.
Shares closed at $0.1984 on September 3, down 17.09% from the previous close of $0.2393, on dollar volume of about $22.6 million.
Shares have been falling for most of the year. The Block reported on September 2 that they had lost more than 76% of their value in 2026 alone. Hyperscale Data has executed two reverse stock splits in that span — a 1-for-35 consolidation effective November 22, 2024, and a 1-for-5 consolidation effective August 24, 2026, both according to SEC filings. A reverse split reduces the number of shares in circulation without changing each holder's proportional stake in the company.
The company also said it intends to sell its Bitcoin mining servers, though the release did not say what it expects to receive for them. Hyperscale Data acknowledged in the announcement that its expansion plans remain preliminary and may not be financed or approved. The revenue potential rests on a customer it has not named exercising options it has not yet taken.