Digi Power X Lands First Major AI Client as Crypto-to-Cloud Pivot Gathers Pace

Digi Power X transitions from crypto mining to AI infrastructure, securing a 24-month GPU lease deal with SubQ AI, driving shares up 11% and validating its new business model.

The transformation of Digi Power X from a cryptocurrency mining operator into an artificial intelligence infrastructure provider is now generating tangible commercial traction. Shares in the company jumped nearly 11 percent on Wednesday to EUR 3.18, comfortably above their 50-day moving average of EUR 2.31, after the group announced its first significant revenue-generating contract in the AI space.

The stock has more than doubled in value over the past twelve months, reflecting investor enthusiasm for the strategic overhaul. Year-to-date, the share price has climbed approximately 41 percent to EUR 3.30, underscoring the market's conviction that the company's repositioning is gaining momentum.

24-Month Agreement Validates New Business Model

Digi Power X has inked a two-year deal with SubQ AI, under which the artificial intelligence firm will lease computing capacity powered by NVIDIA Blackwell GPUs. The contract marks the first meaningful revenue stream from what the company calls its "AI Factory" concept and provides external validation for its proprietary NeoCloudz platform. Monthly payments from the agreement are expected to start flowing into the books from May.

The company is targeting additional long-term leases for its Blackwell systems to secure utilisation rates at its expanding network of facilities. Management anticipates that initial revenues from the GPU-as-a-Service model will materialise during the current quarter.

Debt-Free Balance Sheet Fuels Expansion

A key differentiator in the capital-intensive infrastructure sector is Digi Power X's financial position. The group currently carries no debt and holds approximately USD 93 million in liquidity. This year alone, USD 17 million has been deployed into infrastructure development.

The company is building out capacity across three US states — Alabama, New York and North Carolina — targeting a total of 400 megawatts. Its vertically integrated approach includes ownership of the energy assets themselves, with a dedicated natural gas plant insulating the business from rising grid connection fees and unstable power networks.

Modular Data Centres Meet Enterprise Standards

At the heart of the strategy lies the ARMS platform — AI-Ready Modular Solution — which recently achieved Tier-3 certification. This accreditation confirms that the hardware meets stringent industry standards for reliability and is suitable for demanding enterprise workloads.

The subsidiary US Data Centers is deploying modular systems that allow computing capacity for AI applications to be brought online rapidly. This agility is particularly valuable in a market where power shortages are creating bottlenecks for competitors reliant on grid connections.

From Energy Sales to High-Margin GPU Services

The business model is undergoing a fundamental shift. Where energy sales and traditional hosting once dominated, the focus is now on the higher-margin business of leasing graphics processing power. The NeoCloudz platform will give developers direct access to the underlying hardware, bypassing traditional cloud intermediaries.

With its own power generation assets and a debt-free balance sheet, Digi Power X is positioning itself to capitalise on the structural power shortages that constrain many rivals in the AI infrastructure space. The coming months will test whether the SubQ AI contract proves to be the first of many such agreements.