Rankings Software, cloud & internet Digi Power X

Digi Power X

Software, cloud & internet · United StatesRank 557 of 829Prices 2 Nov 2026Model 1.4

15070100

The model found several serious problems. That does not mean the stock will fall.

Biggest deductions

Margin−10
Capital allocation−8
Financing of the build-out (ATM and project debt)−8

Strengths

Net cash with no debt+3
Signed long-term contract+3

How the score is built

From 100 to 49, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

49Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 2.12 USD
Median analyst target: 8.50 USD
Upside to median: +300.0%
Analysts: 2
Target range: 8.00 – 9.00 USD
52-week change: −65%
P/E (trailing): n/a
Forward P/E: n/a
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 4 findings−26 of −30

Margin
Gross margin 2.5% TTM (-22% in Q2 2026), operating margin -100% and net loss -36.0m USD on revenue of 31.4m. Adjusted EBITDA of 3.3m in Q2 requires stock-based compensation (5.8m) and warrant losses to be excluded. The deficit is counted only here.
stockanalysis.com
−10
Growth quality and transformation
Revenue fell 18% to 6.6m in Q2 as the old mining business is phased out; AI/GPU revenue was only 1.1m from about five weeks of operation. The new business is largely unproven.
webull.com
−5
Capital allocation
Share count has risen 92.5% over a year; in H1 2026, 27.95m shares were issued via ATM (approx. 160m USD net) and 2.85m more after the quarter. Capex was 112m TTM and FCF -130m; key personnel received 8.2m in compensation in H1, of which 5.8m in shares, in a company with 17 employees.
sec.gov
−8
Moat
Colocation and GPU rental is a capital-intensive commodity with many competitors (former miners such as TeraWulf, Cipher, IREN and HIVE). Own power generation (New York) and a hydro approval of 60 MW give a slight advantage, but no strong moat.
marketbeat.com
−3

Price

Today's multiples against the company's own history and its peers. · 1 finding−5 of −35

Multiples vs own history and peers
EV/Sales 6.2 versus 0.4–4.7 in 2021–2025 and P/S 10.3 (the highest in the period), but P/B 1.19 is low, and EV of about USD 195m is only about 3.3x the annual Cerebras lease at full build-out (about 58m a year). HIVE trades at EV/Sales 2.5, TeraWulf at 57.
stockanalysis.com
−5

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−20 of −35

Financing of the build-out (ATM and project debt)
Phase 2 in Columbiana and the purchase of Nvidia Vera Rubin systems for USD 35m require project financing; Goldman Sachs has been hired, but no loan agreement had been closed as of October 2026. The ATM program has been expanded to USD 175m, so the alternative is more dilution at low prices.
webull.com
−8
Customer concentration
The USD 1.1bn contract value rests on a single customer, Cerebras (a private AI chip maker), with a 10-year take-or-pay agreement at USD 195 per kW per month for 40 MW. Counterparty risk is high if Cerebras' own funding fails.
finance.yahoo.com
−5
Execution and timeline
Phase 1 (15 MW) is to be ready in December 2026 and Phase 2 (25 MW) in March 2027; the Vera Rubin delivery depends on Nvidia's production (early 2027 at the earliest). Delays push out lease revenue.
webull.hk
−4
Governance and compensation
Key personnel received USD 8.2m in H1 2026 (of which 5.8m in shares) plus 1 bitcoin, while shareholders were diluted by 92%. The stock has a beta of 6.2 and has fallen about 45% over 90 days to mid-August.
sec.gov
−3

Plus

Only documented strengths. · 2 findings+6 of +15

Net cash with no debt
Cash 128.1m USD and crypto assets of 14.3m as of 30 Jun 2026 and no loans; current ratio 11.3.
sec.gov
+3
Signed long-term contract
10-year take-or-pay colocation agreement with Cerebras (signed 4/5-2026) with 3% annual escalation: approx. 2.9m USD per month for Phase 1 and approx. 4.9m for Phase 2.
sec.gov
+3

Caveats

What the score does not capture, or where the data is weak.

Penny deep dive (the price of DKK 20.87 is above DKK 3). Former bitcoin miner (Digihost) pivoting to AI data centers (colocation for Cerebras in Columbiana, Alabama) and GPU rental (NeoCloudz). A price of USD 3.17 and 102.06m shares (stockanalysis 9/10-2026) give a market cap of about USD 324m; Nordnet showed DKK 2,259m. Also listed in Canada (DGX). Cash was 128.1m at 30/6-2026 plus crypto assets of 14.3m; the company mentioned about 150m in August. Industry set to 'Software, cloud & internet' as closest (AI data center and GPU cloud); part of revenue is still mining and power sales. The project debt for Columbiana had not been signed as of 11/10-2026. The contract value of USD 1.1bn is the company's own figure.