$DGXX just signed a $1.1 billion USD contract with $CBRS for 10% of their pipeline capacity. Market capitalization is $475 million USD.

Data does not make sense logically.
> Basic contract $1.1 billion USD, $2.5 billion USD with extension (10-year term)
> 40MW Cerebras = 10% of the pipeline, 400MW secured
> Phase 1 operational in December 2026, all 40MW by Q1 2027
> Market capitalization: $475 million USD
Where companies in the same industry trade after a pivotal colo:
> $NBIS - 9.5x P/S expected
> $IREN - 8.7x P/S expected
> $CRWV - 5-7x EV/Sales
> $HUT - 52x EV/EBITDA
> $WULF - 53x EV/EBITDA
> $DGXX - 1.6x FY28 revenue in the base scenario
Same pivotal point. Same strategy. Multiples less than 5-50 times.
Shareholder priority capital structure:
> 100% equipment leasing financing for GPU capital costs (according to CFO Paul Ciullo)
> 15% upfront payment from customers on contracts
> ATM increased from $75 million USD to $175 million USD
> Raised $72 million USD at all-time high, not at a low point
> No long-term debt
Target per share at 7.5x EV/Sales aligned with industry peers (currently $6.45):
> Worst case FY27: $5.68 (-12%)
> Base case FY28: $19.83 (+208%)
> Optimistic FY28: $41.06 (+537%)
12% decline in worst case compared to 200-500% increase in base/optimistic. That’s asymmetry.
Catalyst chain next week:
> Earnings report
> IPO valuation of $CBRS
> ATM operational to fund growth
> GPU rental revenue starting 5/15
$DGXX is where $IREN $NBIS $CRWV was 18 months ago. The asymmetry doesn’t last once the crowd realizes it.