Boost Run, Inc. ação

Structural read: a neocloud whose demand question is being answered faster than its funding question. Since June, Boost Run has signed about $956M of new multi-year GPU contracts (our sum of three company figures, Cohere the largest at $525.6M), and Q2 2026 revenue reached $31.1M, up 270% year on year, about $125M at an annual run rate.

Against that sits a five-year minimum purchase commitment of about $1.44B, $578M of it in the first year, under an April 2026 partnership agreement (reported at listing as the GPU procurement agreement with $DELL), with $120M of cash at 2026-06-30.

The equity prices whether the hardware can be funded and delivered on the contract dates without the share count running away.

The quarter reads better at the top than at the bottom. Gross margin before depreciation was 94.5%, but depreciation ($18.1M) and colocation rent ($10.6M) turned it into a $12.9M operating loss, and a $55.7M deferred tax charge took the net loss to $75.0M.

Customer prepayments ($128.4M of deposits at 2026-06-30) fund part of the build, which is the cheapest capital the company has.

• A named anchor: Cohere committed about $525.6M over roughly five years, part of it prepaid.
• Revenue is compounding off a small base, and the run rate puts the equity near 7x annualized Q2 sales rather than the trailing multiple.
• Customer deposits and finance leases carry part of the GPU cost, and there was no bank debt at 2026-06-30.
• The fleet sits in leased colocation, so new capacity is a lease and a server order, not a construction project.