Key Highlights

  • Hyperscale Data signed a 10-year colocation master services agreement worth about $1.2 billion for an initial 20 megawatts at its Michigan facility, with the company halting all Bitcoin Mining there as of September 1, 2026.
  • SOS Limited reported 2025 Revenue of $154.3 million, mostly from low-margin Commodity trading, and cash fell to $3.2 million from $228.1 million a year earlier.
  • Hyperscale Data reported first-half 2026 revenue of $78.9 million, up 55%, and expects full-year 2026 revenue of $180 million to $200 million.
  • SOS announced a nonbinding framework for a planned 500-megawatt AI and cloud campus in Indonesia in September 2026, but the company stressed it has no contracted tenants for the project.

Companies across the market want exposure to artificial intelligence computing, and much of it comes down to power, buildings and long-term tenant contracts. Hyperscale Data (NYSE American:GPUS) and SOS Limited (NYSE:SOS) are both moving from Cryptocurrency mining toward Data Center hosting. What they bring to that shift differs a great deal: existing sites, balance sheets, and how far along their customer agreements are.

Hyperscale Data (NYSE American:GPUS): Turning a Mining Site Into an AI Campus

Hyperscale Data, previously known as Ault Alliance, runs several businesses. Its Subsidiary Sentinum owns a data center in Michigan that until recently mined Bitcoin. Ault Capital Group is a Holding Company with interests in financial services, industrial and defense businesses, and hospitality, which the company has said it intends to divest in 2027.

The biggest recent development is in Michigan. In a September 2, 2026 release, the company said it had stopped all Bitcoin mining there as of September 1 to prepare the Facility under a master services agreement with an unnamed California-based neocloud provider. The agreement covers an initial 20 megawatts on a 10-year term with two five-year extension options, and the company estimates it at about $1.2 billion if both extensions are exercised. An option for another 32 megawatts could bring the total above $3.0 billion.

For the six months ended June 30, 2026, Hyperscale Data reported revenue of $78.9 million, up 55% from $50.9 million, and a net loss of $49.3 million, compared with $23.3 million a year earlier. Second-quarter revenue was $34.8 million, with a gross Margin of about 25%. The company has said it expects 2026 revenue of $180 million to $200 million, and as of late August 2026 it reported holding about 215 Bitcoin.

SOS Limited (NYSE:SOS): Commodity Revenue, Crypto Reserves and a Data Center Plan

China-based SOS Limited, whose Class A ordinary shares trade on the NYSE, lists commodity trading, U.S. cryptocurrency hosting, a planned data center Business and a blockchain-based emergency rescue platform among its activities.

According to a May 15, 2026 release, SOS reported revenue of $154.3 million for fiscal 2025, of which $145.0 million came from commodity trading and $7.5 million from hosting. The net loss for the year was $97.3 million, which included about $51.2 million in credit-loss allowances. Cash and cash equivalents fell to $3.2 million at December 31, 2025, from $228.1 million a year earlier, and operating cash outflow was $246.5 million. SOS shut down its own mining in 2025 and moved to hosting. On September 24, 2026, it reported holding about 802.77 Bitcoin and 2,949.79 Ether, valued together at roughly $75.6 million.

In September 2026, SOS announced a nonbinding framework memorandum for a planned AI and cloud campus on Bintan Island, Indonesia, with potential capacity of up to 500 megawatts and a first phase of about 50 megawatts. The company said it had received about 180 megawatts of indicative tenant interest, but stressed this is not contracted revenue. Separately, SOS received an NYSE notice dated August 7, 2026 because its average share price had fallen below $1.00, starting a six-month cure period.

Why Infrastructure Economics Matter

A data center earns its return when committed tenants pay for power. Hyperscale Data has a signed master services agreement tied to an existing facility, though its value depends on extension Options being exercised and on buildout being completed. SOS's Indonesian project is at the framework stage and has no binding tenants.

  • Contract quality: Whether agreements are binding, how long they run and how creditworthy the counterparties are.
  • Cost per megawatt: Capital needed to fit out AI-ready capacity and how it is funded.
  • Digital-asset reliance: How much of each Balance Sheet depends on Bitcoin and Ether prices.
  • Segment clarity: Whether future filings separate data center revenue and margins.

Using the Nasdaq Composite as a Benchmark

Hyperscale Data is listed on NYSE American and SOS on the NYSE, so neither is a member of the Nasdaq Composite. The index is used here only as a comparison benchmark; its heavy technology weighting makes it a rough reference for how tech investments performed over a given period.

When comparing either stock with the index, keep in mind that microcaps usually move much more sharply than a broad benchmark and are more affected by share issuance, crypto prices and one-time charges.

Risks

For Hyperscale Data, the main risks are carrying out the Michigan buildout, reliance on a single unnamed tenant for the initial contract, continuing net losses, and complexity from Ault Capital Group and several classes of preferred stock.

SOS faces low cash at the end of 2025, heavy exposure to crypto prices, material weaknesses in financial reporting controls disclosed in its 2025 annual report, NYSE listing compliance, and the early, nonbinding status of its Indonesia plans.

Contracts and Capital Costs Will Say More Than Megawatt Headlines

Hyperscale Data and SOS are both moving from mining toward AI infrastructure, but from different starting points. Hyperscale Data has a signed agreement and an existing site, alongside large losses and a complex structure. SOS has sizable crypto holdings but little cash and no binding tenants.