Hyperscale Data, Inc. has established a minimum valuation threshold of USD 750 million for any potential sale of its Michigan AI data center campus, with management believing the asset could ultimately command a price between USD 750 million and USD 1.25 billion, the company announced on September 14, 2026.

The Las Vegas-based company, which trades on NYSE American under the ticker GPUS and describes itself as an AI data center company anchored by Bitcoin, said the valuation range reflects the economics of a recently executed master services agreement, the campus's existing infrastructure and power access, its expansion potential, and comparable valuations among publicly traded AI infrastructure companies.

A Long-Term Contract at the Center of the Valuation Case

The Michigan campus is owned by Alliance Cloud Services, LLC, a subsidiary of Sentinum, Inc., which is itself a wholly owned subsidiary of Hyperscale Data.

ACS recently signed a master services agreement with a California-based neocloud provider for the deployment of an initial 20 megawatts of critical AI compute capacity at the facility.

The MSA carries an initial term of 10 years and includes two five-year extension options that the customer may exercise. If both options are exercised, the initial 20 MW deployment is expected to generate more than USD 1.2 billion in aggregate revenue over the full 20-year maximum term.

The agreement also grants the customer a right to an additional 32 MW of critical AI compute capacity. Should that option be exercised within the first two years of the initial term and the additional capacity continues through both extension periods, the MSA is projected to generate more than USD 3.0 billion in total contract revenue from the potential 52 MW deployment.

The company has previously stated its belief that the Michigan campus could ultimately support more than 300 MW of total power capacity, though it cautioned that development of any capacity beyond the initial 20 MW covered by the MSA remains subject to financing, regulatory approvals, engineering work, utility agreements, infrastructure availability, and customer demand.

Three Strategic Paths Under Consideration

Hyperscale Data said it is continuing to evaluate alternatives aimed at maximizing stockholder value.

Those alternatives include an outright sale of the Michigan campus, an initial public offering of Sentinum in which a minority stake would be sold to fund expansion of the facility, or continued ownership and development of the business.

The company stated that no definitive decision has been made regarding any potential transaction. Chief Executive Officer William B. Horne emphasized that the company views publicly traded AI infrastructure companies as meaningful comparables to the Michigan facility and said the disparity between those comparable valuations and Hyperscale Data's current market valuation is substantial.

"We intend to make that disparity clear to the market," Horne said.

"If the best way to realize the value of the Michigan facility is through a sale, we are prepared to pursue that path. If the better alternative is to bring the data center business to the public markets as a separate company in which Hyperscale Data retains a controlling interest, we are prepared to pursue that as well."

Horne described the company's objective as straightforward: demonstrate the value management believes has been created in Michigan and pursue the path that will maximize value for stockholders.

Executive Chairman Points to a Disconnect in Market Valuation

Milton "Todd" Ault III, Executive Chairman of Hyperscale Data and the company's largest stockholder through Ault & Company, Inc. and its affiliates, said he views the Michigan campus as an asset whose value is not being reflected in the company's current market valuation. "Over more than three decades as an investor, I have seen markets fail to reflect fundamental value that is already present in a business or asset," Ault said.

"I believe the Michigan Campus is such a case." Ault described what he called an extraordinary disconnect between the company's public-market valuation and what he characterized as the fundamental value represented by the Michigan campus.

He pointed to the executed contract, the campus's power access, and the expansion opportunity as factors investors could examine alongside valuations of publicly traded AI infrastructure companies.

"My conclusion is that this asset alone warrants serious consideration at valuations beginning at USD 750 million," Ault said. He added that the company would not rush into a transaction for the sake of completing one, and that the Michigan campus would be evaluated based on its underlying fundamentals and long-term potential rather than solely by reference to the company's current market valuation.

Conditions and Limitations on Expansion

While management has outlined an optimistic long-term revenue picture for the Michigan campus, the company was explicit in noting the conditions that govern any expansion beyond the initial contract. Development of capacity beyond the initial 20 MW is subject to securing financing, obtaining regulatory approvals, completing engineering work, reaching utility agreements, ensuring infrastructure availability, and generating sufficient customer demand.

The company stated that there can be no assurance that additional capacity will be developed, financed, contracted, or placed into service.

The right granted to the customer for an additional 32 MW must be exercised within the first two years of the initial contract term for the expanded revenue projections to apply.

The USD 3.0 billion total revenue figure associated with the full 52 MW deployment is contingent on both the customer exercising that right within the specified window and the additional capacity continuing through both extension terms.