Datacenter penny stock to use mining building already in operation $GPUS

The hyperscale trade is **power + land + cooling + a signed tenant**.

Big money competitors: IREN / APLD / CORZ / WULF / CIFR.

market cap **\~$26–32M** · EV **\~$136M** (debt) · TTM rev **\~$130M** · TTM loss **–$102M**

**The pitch:**

* Stopped Michigan BTC mining Sep 1 to clear the floor for an MSA with an unnamed “California neocloud.”
* **20 MW** initial, option to **52 MW**.
* Company math: \~**$1.2B** over 20 years on 20 MW; **>$3B** if the option is exercised.
* Targeting \~**340 MW** at that site eventually (the 52 MW is \~20% of that dream).
* they set a **$750M minimum sale price** for the Michigan campus and said it “could” be **$1.25B**.
* Still mining in Montana; looking at +125 MW there.
* Sold \~830 BTC (\~$53M) in 5 weeks to fund the conversion.
* 2027 “guidance”: rev **$300–350M**, adj. EBITDA **$60–80M** (that is a press release, not a 10-K).

**What to watch out for:**

* Equity is a stub. **$141M debt vs $37M cash.** Working capital is negative.
* Customer is **unnamed**. 20 MW is a pilot, not a hyperscaler campus.
* They are **selling the asset**, not compounding it. $750M sale / 170M shares sounds like $4 — after debt, taxes, preferreds, and the fact nobody has signed a check.
* Dilution machine. Volume 20–100M shares on down days. Classic AMEX washout.
* Conglomerate junk still in the 10-K. This is not Equinix.

Position size like a scratch-off if they indeed pull off the DC project