Two small-cap companies filed updates with the Securities and Exchange Commission last week describing themselves as AI data-center operators. Both were crypto companies until recently. Digi Power X was a bitcoin miner called Digihost Technology until last year. AIB Data Centers was named BlockchAIn Digital Infrastructure until this year.
Digi Power X filed an operations update. It said its AI data-center campus in Alabama is on track to begin service in December 2026, with a second phase by the end of the first quarter of its 2027 fiscal year. The company reported about $155 million in cash, roughly $95 million spent on the Alabama site this year, and no long-term debt. It said it prefers to fund growth with debt rather than by issuing stock, and is arranging project-level financing for the next phase. Its GPU rental platform, NeoCloudz, has run on Nvidia B200 and B300 chips since the second quarter and brought in the company’s first AI revenue.
AIB Data Centers released an investor presentation. It described itself as a developer of AI data centers powered by secured energy. It reported 65 megawatts of power energized, about 140 megawatts under development, and a pipeline of roughly 570 megawatts. Under its model, tenants supply their own GPUs on triple-net leases, and the company converts powered land and older industrial sites into data-center space. The presentation cited grid-connection queues of five to six years and a shortage of new power supply.
Both companies sell access to electrical capacity rather than computing hardware. Their filings lead with megawatts and construction dates, and neither owns the GPUs its customers use. The approach mirrors larger deals in the sector, including Anthropic’s $19 billion lease with the former bitcoin miner TeraWulf and the debt structures now financing data-center construction.
The companies are small and their plans are largely unbuilt. Digi Power X has not closed its project financing. Most of AIB’s power capacity is not yet developed. The power scarcity both cite as an advantage is also a risk, because their construction depends on grid connections and equipment that can slip.
Sources: Digi Power X 8-K, AIB Data Centers 8-K
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By the Control Plane Editorial Team