SharonAI Holdings, Inc. stock

Structural read: a neocloud that has already raised its money and now has to turn it into revenue. SharonAI rents NVIDIA GPU capacity under multi-year contracts and finances the hardware three ways at once: $1.05B of convertible notes ($350M at 6.00% due 2031, $700M at 4.75% due 2032), a six-year NVIDIA collaboration with about $4B of committed hardware procurement, and asset-level project debt (up to $356M of senior secured term loans signed on 2026-09-28).

The equity prices execution on a build-out whose revenue is still ahead of it: Q2 2026 revenue was $1.93M against four announced contracts worth about $3.9B in total, most of which start generating revenue in 2027.

The reported results are noisy by construction. Q2 2026 showed a net loss of $430M on a $24.8M operating loss, because the convertible notes are carried at fair value and moved by $400M during the quarter. That line tracks the share price, so it says little about the business and should be read separately from the operating loss.

• About $3.9B across four announced multi-year contracts (our sum of the company's figures; the company states no total backlog), with about 116 MW of 132 MW of AI-factory capacity contracted.
• Funding is largely in hand: $1.86B of cash at 2026-06-30, plus a $356M facility that becomes non-recourse to the parent once its first tranche is repaid.
• Hardware access is secured through the NVIDIA collaboration, and more than 62,000 NVIDIA GPUs are expected to be deployed by mid-2027.
• Q2 revenue grew from $0.38M to $1.93M year on year with a positive gross profit, from a base small enough that one contract changes the picture.