Axe Compute Inc.

Decentralized GPU network infrastructure provider — Axe Compute's primary platform partner providing access to 435,000+ GPUs across 200+ locations in 93 countries for enterprise resale

Tier 3 / Tier 4 Data Center Operators (US-based)

Colocation and data center facility providers — Axe aggregates supply from multiple Tier 3/4 data centers for GPU cluster deployment; specific $260M contract uses a single US Tier 3 facility

High-Speed AI Storage Vendor (Unconfirmed)

Unconfirmed

Provides AI-focused high-speed storage infrastructure bundled with GPU clusters for enterprise AI workloads

Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC)

NYSE:TSM

Sole manufacturer of NVIDIA's B300 and other advanced GPUs (wafer fabrication) — 36-52 week GPU procurement lead times reflect TSMC capacity constraints

Aguas abajo

Clientes, distribuidores, OEM y canales que absorben la producción.

Aguas abajo

Undisclosed Enterprise AI Customer (Major $260M Contract)

Portfolio of 20+ Enterprise AI Customers

NVIDIA Corporation (Partner Network)

Undisclosed Enterprise AI Customer (Major $260M Contract)

36-month, ~$260M take-or-pay contract for dedicated 2,304 NVIDIA B300 GPU cluster + high-speed storage deployed in a single US Tier 3 data center; $43M prepayment received May 2026; target Q3 2026 go-live

Portfolio of 20+ Enterprise AI Customers

Smaller GPU-as-a-Service agreements totaling $12M in executed contracts as of Q1 2026; generating ~$835K estimated monthly recurring income; span AI training, inference and fine-tuning workloads

NVIDIA Corporation (Partner Network)

NASDAQ:NVDA

NVIDIA Partner Network member; sources B300, H200, GB300 GPUs directly; maintains NVIDIA reference architecture for cluster deployments

Comparables

Empresas cotizadas comparables y valores de seguimiento usados como representantes del análisis.

Comparables

CoreWeave Inc.

Applied Digital Corporation

Nebius Group N.V.

CoreWeave Inc.

NASDAQ:CRWV

Direct GPU-as-a-Service competitor also focused on enterprise NVIDIA GPU clusters for AI workloads; similar business model of aggregating and reselling GPU compute, but CoreWeave is significantly larger and owns its infrastructure directly rather than using a decentralized network

Applied Digital Corporation

NASDAQ:APLD

AI data center and HPC infrastructure provider; operates GPU clusters for AI customers; similar exposure to NVIDIA GPU supply constraints and enterprise AI demand; also transitioning from digital assets to AI compute focus

Nebius Group N.V.

NASDAQ:NBIS

AI infrastructure company providing GPU cloud services for AI training and inference; publicly traded European neocloud competitor with similar enterprise AI customer exposure

Geografía

Exposiciones regionales que pueden distorsionar la red de suministro.

Geografía

Taiwan / US-China Geopolitical

South Korea

United States

Taiwan Semiconductor Manufacturing Co. (TSMC)

SK Hynix Inc.

Undisclosed Major Customer ($260M Contract)

Taiwan / US-China Geopolitical

Semiconductor fabrication concentration

Taiwan Semiconductor Manufacturing Co. (TSMC)NYSE:TSMSole manufacturer of NVIDIA B300 and advanced GPUs used by Axe Compute

South Korea

HBM memory supply concentration

SK Hynix Inc.KRX:000660Primary HBM3e memory supplier for NVIDIA data center GPUs

United States

Data center and customer domicile concentration

Undisclosed Major Customer ($260M Contract)Single US Tier 3 data center deployment; single geographic location risk

Concentración

Exposiciones de concentración de clientes, proveedores o socios que pueden distorsionar la red de suministro.

Customer

Critical

Single $260M contract represents essentially all of Axe Compute's near-term revenue pipeline; if this customer defaults, delays, or does not renew, the company faces catastrophic revenue loss

Equipment

Critical

Dependence on a single GPU supplier (NVIDIA) for all core hardware; 36-52 week GPU procurement lead times create acute supply chain bottleneck; any disruption at NVIDIA, TSMC, or SK Hynix halts deployment capability

Foundry

High

All advanced NVIDIA GPUs are manufactured exclusively by TSMC in Taiwan, creating single-point-of-failure concentration in semiconductor fabrication

Memory

High

HBM3e memory for NVIDIA GPUs is heavily concentrated at SK Hynix with limited secondary supply from Samsung — any HBM supply disruption impacts GPU availability

Other

High

ATH (Aethir) token treasury risk — Axe Compute held ~$54.6M in ATH digital assets at FY2025 year-end, creating balance sheet volatility tied to cryptocurrency price fluctuations

Composición de ingresos

Cómo la composición de ingresos se traduce en apalancamiento y dependencia en la cadena de suministro.

Compute Services & Treasury Management

22.0%

$0.0B

Newly launched in Q1 2026. This segment drives all upstream GPU procurement from NVIDIA (B300, H200, GB300) and infrastructure via Aethir's decentralized network and Tier 3/4 data centers. The $260M contract (2,304 B300 GPUs) represents massive near-term growth but creates extreme customer concentration risk.

Drug Discovery Services (Legacy - Helomics Biobank)

78.0%

$0.0B

Legacy business from the Predictive Oncology era. Generates modest revenue from AI-driven oncology drug discovery using a proprietary biobank of 150,000+ tumor samples. The company engaged Cardiff Advisory in Feb 2026 to explore strategic alternatives/sale of this segment. Minimal overlap with GPU supply chain.

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