Good morning and welcome to Axe Compute's Q2 2026 Earnings Call and Business Update. I'm Erin McMahon, CMO and Head of Investor Relations at Axe Compute. Joining me today are Christopher Maglino, Chief Executive Officer, Jeremy Yaki-Witter, Chief Financial Officer, and Kyle Okamoto, President. Today, we're hosting the call live from Columbus, Georgia, home to a data center that is the site of our 2K B300 cluster build we announced back in April that is set to go live in the coming weeks. Before we begin, today's remarks include forward-looking statements as referenced on slide two. This presentation contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding signed contracted value, anticipated customer prepayments, deployment timing, annualized run rate, expected margins and profitability, financing structures, potential future contract signing, and future performance. These statements are subject to uncertainties that could cause actual results to differ materially, including those described in the risk factor section of AxeCompute's most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date of this presentation. AxeCompute undertakes no obligations to update them except as required by law. Financial figures. Quarterly financial figures presented are as reported in the Form 10Q filed on August 14, 2026. Annualized run rate means annualized monthly recurring revenue upon full deployment of signed contracts. Total contract value, or TCV, is an operating metric representing the aggregate estimated contractual spend under signed customer contracts. ARR and TCV are operating metrics and may not represent revenue recognized in a particular period as separately determined in accordance with U.S. GAAP. Signed contracts are subject to deployment, customer acceptance, and other risks described in our SEC filings. Illustrated steady state economics are model-derived blended across signed billed contracts and do not constitute guidance. Non-GAAP measures. This presentation includes adjusted EBITDA, which is a non-GAAP financial measure. The company defines adjusted EBITDA as net income loss adjusted to exclude interest expense, income, net income, tax expense, benefit, depreciation and amortization, stock-based compensation expense, fair value adjustments on digital assets. Adjusted EBITDA is not a substitute for net income loss or any other measure of financial performance prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. Management believes adjusted EBITDA is useful to investors because it provides supplemental measure of the company's core operating performance by excluding the effects of capital structure decisions, such as interest expense and fair value changes related to digital asset holdings, non-cash charges, such as depreciation, amortization, and stock-based compensation, and tax impacts that can vary significantly between periods across companies. Management uses adjusted EBITDA to evaluate the company's performance, compare performance across periods, and assist in the allocation of resources. Investors are cautioned that adjusted EBITDA has limitations and is an analytical tool and should not be considered in isolation or as a substitute for analysis of the company's results as reported under US GAAP. A reconciliation of adjusted EBITDA to the most direct comparables US GAAP financial measures is included in this presentation. To the extent that the company provides forward-looking adjusted EBITDA guidance in connection with this release or related earnings fall, a reconciliation of such forward-looking non-GAAP measures to the most direct comparable U.S. GAAP measure may not be available without unreasonable effort due to an inherent difficulty in forecasting and quantifying certain amounts, including but not limited to fair value adjustments on digital asset holdings, stock-based compensation expense and other non-cash or non-recurring items and the timing and magnitude of which may be significant. No offer or solicitation. This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Axe Compute or any of its affiliates. No securities are being offered or sold in any jurisdiction where such offer or sale would be unlawful. Third-party information. Certain information contained in this presentation has been obtained from third-party sources. While Axiom Q believes such information to be reliable, it has not independently verified the accuracy or completedness of such information and makes no representation or warranty expressed or implied as to its accuracy or completedness.
Please review these statements alongside with our sec filings available via investors.axecompute.com with that i'll hand it to our ceo christopher maglino good morning everybody i'm chris maglino and i'm the ceo of axe compute we're here in georgia i'm excited to be here we're getting ready to launch a very large cluster and for those that are new to the axe compute story axe compute is an ai infrastructure platform with two growth engines. Build is our primary engine, which is part of what you're looking at here. We design, deploy, own, and operate dedicated GPU clusters for enterprises. Then we have access. Access is the complementary recurring stream, fast access to GPU capacity across many different locations across the world. Think of it like a top of the funnel where we meet companies that are interested in GPUs immediately, and then as they grow, we can help them. We can grow with them. What the market sees for Axe is a new AI infrastructure company. But what the market doesn't realize is that we've been in this business for the past couple of years, and our sales team has been selling to the off-takers for that entire time. And our supply team has been talking to data centers and engaging with power owners that entire time as well. So while it seems like we're a new kid on the block that has all of a sudden signed all of these transactions, this has been an overnight success that's been in the making for the last two years. Before we get into the quarter, I want to spend a couple of minutes on the market we're operating in because it's the single most important piece of context for everything that Jeremy and Kyle will be walking through later. It's no surprise that we're in the early innings of a generation build out of compute. You can't turn on the news without seeing some kind of news about data centers, the growth of data centers, the amount of money that's being attributed to data centers. In fact, McKinsey says that through 2030, this is going to be spending of around $6.7 trillion, which I think is a low number even at this point. Of that, about $5.2 trillion is attributed specifically to AI-capable capacity. So I want to be clear what that second number means. It's not a forecast of AI software revenue for like OpenAI or Anthropic, but AI spending on infrastructure. So it's the capital that's required for the physical, the power, the shells, the racks, the GPUs, and that's the the market that we're in. That's the the market that Axe Computers is in. So the second thing that we want to point out is the shape of the demand, not just the size. So So customers are not asking for generic cloud, they're asking for dedicated capacity. They don't want to just be in a shared location with a lot of people. They want to own a cluster like the one that you see behind me, and they want to own that and be able to engage with it on their own without anybody else interacting with them. They'll do that on a long-term basis as well. So that'll enable us to sign, you know, five to 10-year transactions, and they want a partner that can help them grow into that space. They want a partner that can help them acquire all the equipment, plan the network, design the network, deploy the network, and work with the appropriate data centers to get the right power and to get the right building ready for their compute needs. So that's where our build program comes in and we help these off takers do exactly that. We help them do everything that's necessary to get live inside the data center and then we partner with the right data centers to execute. So not all data centers are made alike and we do what we can to make sure that we have the right partners that are helping our clients. So when you hear the numbers, we're about to walk through more than $3 billion in signed contracts, $696 million in expected annual run rate when we're at full deployment and more than half a billion dollars in customer prepayments and encourage you to read them against the backdrop of massive demand. So we're not creating demand, we're converting market where demand structurally exceeds the supply that's out there. So we're signing all these transactions on a take or pay basis with multi-year contracts. So with that context, let's turn to what happened this quarter. We had an amazing quarter. If we could accomplish what we did this quarter, every quarter, every everybody on this phone call would be beyond ecstatic. The as you can see, we're getting ready to launch the first cluster that we talked about a long time ago. This was the the first deal that we told everybody about. This is, you know, getting ready to go live. And it's a, you know, a beautiful piece of art that's there. many, many hours of work have gone into bringing this to fruition. But, you know, we've really done an amazing job at signing around $3 billion, close to $3 billion worth of additional agreements when we had anticipated that for the quarter we would be happy to sign an additional $1 billion worth of transactions. So it far exceeded what we had projected. It really did. We really thought that it would be a little bit of a slower ramp. But I'm going to let Kyle talk a little bit more about the pipeline in a little bit. But you'll see that this momentum has not stopped at all. So now we went from signing all these transactions, doing all these deals, vehicles, getting all of the ARR set up for next year. So like next year when these are all deployed, again, $696 million in ARR once they get deployed. Now we're in dual mode. We're in the execution mode. The team is working on putting these together and getting them up and running and managing them, making sure that we have all of the appropriate staff in place to manage these for our clients. So we're really excited about where we sit today from the momentum that we had this quarter. One question we get a lot, all the time basically, is how are our margin on these build projects? So we wanted to give you a slide that would give investors some insight into what that looks like. These are forward looking, but this is our modeling. It gives the best shot as to where we believe them to be, and we think investors can take a look at these and can utilize them to help them model going forward. As you can see, the gross margins are between 28 and 44 percent, and the EBITDA margins are 62 to 76 percent. So if you apply those against the $3 billion in announced transactions, you can see that the economics that we're going to be experiencing in 27 are significant. The only other question we get more than the question about the margins on these deals that we're doing is how are we going to fund these projects? So I wanted to walk you through a little bit about how these projects are being funded and how we're working to fund these projects. So you can you can see that each project has a down payment from the customer. Customer puts anywhere from 20 to 45 percent of the project costs down up front. What we then do is we have the ability to go out and seek project financing for that revenue stream. Now, when you have an A-plus S&P credit client, and that client is, we're looking for financing for that revenue stream, there's a lot of lenders that are willing to lend against that, especially those lenders that understand the GPU market, which you can see from the news, there's a lot of them. There's a lot of them that have come up, a lot of them that are executing, a lot of them that are investing into the space. So, you know, our goal is to get that prepayment, find the project financing for each project, similar, you know, to what happened here, off balance sheet, we don't need to raise capital against it, and then execute and deploy the cluster itself. So we think that when people understand that we can get these projects financed in this fashion, that it's very favorable for the public company. And in the instances where we are looking to invest equity into these transactions, we could do so at a point when the stock is at a price where we deem it to be a good location to actually do a transaction if we wanted to. Otherwise, we can sit back and do project financings against each of these projects and leveraging the good credit of the clients that are building these things with us. We have two really big announcements today. The first is that we've received the first prepayment of $317 million plus for our cluster that we're expanding. And then we've signed an agreement for an additional 55 megawatts over the course of a number of different locations with Duos Technologies. So we're excited about both of these things. I think these will give you an idea of where the business is going and in order to talk a little bit more about our partnership with Duos we've asked the CEO of Duos Doug Rucker to be with us here today so that we can give you a little bit of an insight of what our expansion will look like into that 55 megawatts. One of the most important things in building data centers is having a good partner and i'm here with doug recker from duos technologies who has been a fantastic partner for us um doug thank you for having me now thanks for being here and uh i have to say that uh very glad that we are doing business uh with duos you guys have literally been an amazing partner in this process so um wanted to thank you for that i think today we're excited to announce that we've signed a deal to do an additional 55 megawatts over multiple locations with duos so we appreciate that support great partnership we're looking forward to it i mean if if this location where we are today is any indication of how everything else is going to go uh i'm I feel very confident in your hands that you will get everything done. So I appreciate your support. I mean, what you've accomplished here since we got going is just incredible.
It's incredible what we've done under, what, 45 days? If you could literally take the camera and walk around the facility, it's amazing how fast we've implemented this project.
And it's kind of a testament of how we work as a company. right we'll we'll tell you we can do it and we'll deliver now we're not going to tell you we're going to do 100 megs in three weeks right we're not going to say that but uh as you can see from our product this is all under 45 days yeah so it's it's important that like i think a lot of people that watch this that are very interested in the data center space but they don't understand all the components that go and are involved in this process right so there's the data center owner which is you guys and you're the also the you know the operator of the building and then there's there's all this stuff that we have to get in here and and that's our role right is to get this stuff in here get it up and running manage it manage the install manage the process but tell uh you know the people that are watching you know what how your business works what you guys do and you know how that results for for you guys because you guys are also a public company it's do you do you do us technologies yeah so explain how that works so that everybody understands sure so it's what's great about our business is we've actually been in the business over 30 years myself built many data centers large data centers and even the modular approach right so what we're doing now in our partnership with axon what our business model is is basically
deploying modular so what we'll do is we'll find a facility like this where there's the building and there's fiber to it and we'll bring our modular approach to that which basically is we build our e-houses our chiller plants everything modular we'll build it off-site and deliver it and then we can plug it in in a matter of you know 60 days 90 days even quicker sometimes if you look at this environment so we've really mastered that approach we've been doing it for about nine years now now we're really just focused on basically the five to 25 30 megawatt range. We're not going to go out and build 100 megawatt in one day. We'll do it modulally and we'll build with the client, kind of like what we're doing with you.
So, and you guys, when you built this core here, you got everything ready for the next expansion.
Exactly right. And that's going back to the modular approach, right? So we built a 10 megawatt, but we do the main infrastructure outside to be able to expand. So then we bring another 10 megawatt in of clusters and we bring that in modular with our e-houses and our chiller plant and our electrical plant. All that plant and everything is done, and we build it and drop them as we go.
So this is going to be interesting when we go to the expansion that's starting right now is how loud it's going to be in here. It's going to be a whole different world for everybody that's working in here because it is going to be screaming loud in here. And so I think they're going to charge us a little extra for putting that one together.
But it is just amazing, isn't it? Just to see that a great partnership works in several ways, right? We're the infrastructure side of this house, right? Without the infrastructure, you don't have the operating side. You are the operating partner. And to work together and how we worked in this program together has been amazing. So the communication is key.
You guys are masters at what you do, and we're good at what we do. you put those two minds together and it's unbelievable and hence see what what's going up now and i think uh another exciting thing that we're doing together and this is uh you know we we put this information out out today is you know our participation with duos in owning the data centers so if there's anybody that you want to own a data center with it's it's doug and his team and so what we're bringing capital through SPV that is being invested into new buildings new structures where we know that there's power we know that we can get natural gas if it's going to be off the grid and so in this in these megawatts that we've signed up we're also participating in the ownership along with doug that enables doug to go a lot further in developing a lot more data centers with less capital allows us to create an spv that owns the uh that participates in financing the buildings so doug can build more data centers without having to raise a lot of additional capital equity yeah so yeah it's it's a perfect partnership and what that allows us to do
is to grow quickly as well. So what we're also good at, which we need to talk about is the infrastructure side on the purchasing. So the key to building at this speed is to make sure that you're ordering the right equipment and getting it in time. And we have a whole other division, the infrastructure division of our business, and that's what we do. So we'll buy our UPSs and our e-houses well in advance. We'll buy our generators and we basically work them in parallel. So with the partnership, that allows us to buy the assets now. So when we are ready for the actual build, we do the Lego blocks immediately and we're in 120 days, 90 days, 60 days, depending on what the build looks like. When you come in at the 20 megawatt, 30 megawatt range, which is our sweet spot, the 10 to 30, you're actually in a good place. You can deploy quick, you can do it right, you're environmentally friendly, and also you're good for the community. And we can move quicker at that scale.
Yeah, and it doesn't require this two-year build. Like a lot of stuff that we're looking at now will be deployed by the end of the year and into the beginning of the first quarter.
So speed, what's key for your business and key for our business is revenue. So when we procure this product, we want it installed. We want that thing producing revenue. And this is key to our business and your business. We have to get it up. We need that revenue to come in.
And you got to, everybody wants to be in the data center business right now. I get calls all the time. people want to be in the data center business the first thing i say to them is i know somebody that's in the data center business and it is not as easy as you think it is uh this is a very complex building process what you what i've seen happen here is unbelievable like and if you don't know what you're doing you're losing your you're you're losing right it is not going to happen this is if there's any business where you need to know uh every detail it's this business sure and also in this business you see this it looks great and anybody can put a cabinet in and plug power to it it's actually after it's up is where the expertise needs to come in they need to be able to manage the facility you know know what you're doing right anybody can build it's after the build is what is the most important part of the business well again doug i uh i really appreciate the partnership we're excited we're excited to build with you and uh you know we're looking forward to the future partnership with you all right thank you very much appreciate it thank you so much now i'd like to turn the call over to uh jeremy jeremy's going to give us a breakdown of the financials for the quarter uh jeremy take it away thank you chris i'll start by covering the second quarter results then we'll walk through the timeline for when the signed book
is expected to translate to recognized revenue revenue for the second quarter was 3.2 million dollars our first full quarter of compute revenue up from 35 000 in q1 bear in mind that all of our compute revenue this quarter came from the access model build revenue has not yet started that begins ago at go live net loss was 17.2 million driven by 31 13.1 million of losses on digital assets, primarily unrealized fair value changes on our Aether holdings that flow through the income statement each period as the token's market price moves. We generated $17.4 million positive operating cash flow for the first half of 2026, primarily driven by customer prepayments, which totaled $60.8 million at June 30th. Both figures reflect the strength of our take-or-pay, prepay-first contract structure. On the balance sheet, we ended the quarter with $21.9 million in cash, up from $6.9 million at the end of Q1. Our digital assets, primarily comprising the Aether token, together with the current portion of our digital asset receivable, totaled approximately $18.8 million at quarter end. During the quarter, we also made a number of prepayments to third-party compute suppliers to reserve compute for signed customer contracts spanning terms of up to three years, which are reported on the balance sheet as compute prepayments. Contract liabilities dominate the other side of the balance sheet as of June 30th, including $33.6 million expected to be recognized as revenue within 12 months and another $27.1 million of long-term contract liabilities. As a reminder, these contract liabilities represent prepayments made by customers to us in connection with executed contracts for compute. That brings me to adjusted EBITDA, which we're introducing this quarter. We believe adjusted EBITDA serves as a meaningful performance measure for investors to evaluate our operating performance and to compare the financial results between periods. I want to be specific about what that metric does and doesn't exclude. Adjusted EBITDA adds back interest, income taxes, depreciation, amortization, as well as stock-based compensation, standard EBITDA outbacks. It also excludes the underlies non-cash fair value adjustment on our digital assets, $11.8 million of the $13.1 million loss on digital assets this quarter. What it does not exclude is the realized portion, about $1.3 million, including ATH we actually used to pay for compute that we sold to customers. On that basis, adjusted EBITDA was approximately negative 4.9 million for the quarter. About 0.9 million of that amount related to our legacy drug discovery service segment. The takeaway? Net loss this quarter is dominated by a non-cash change in the fair value of our digital asset holdings, which are subject to notable volatility. Adjusted EBITDA strips out that valuation adjustment and the other ad backs noted, which management believes do not directly reflect our ongoing operating performance. Now, with the second quarter reviewed, let's turn to the quarters ahead and look at when our signed book is expected to begin recognizing revenue. Our business model involves both short and long-term contracts with customers. Certain contracts, particularly under our access model, commence service delivery as quickly as 48 hours after contract execution, while others, particularly under our build model, don't reach ready-for-service milestones until about four months from contract signing. To model these contracts together, we utilize operating metrics including monthly run rate and annualized run rate. A contract only enters our run rate once it's deployed and billing, not when it's signed. And that's the story that this slide tells. Through the end of Q2, we had signed $317 million in total contract value. Our first full quarter of compute services, including the $260 million landmark contract we announced in April. Since then, in the first half of Q3, that's about six weeks, we've had an incremental $2.9 billion comprising the three build contracts announced in July. Year-to-date through August, that's more than $3.2 billion in total contract value in under eight months. Here's what that means for run rate. Our exit run rate, leaving Q2, was $37 million, annualized. As the April cluster goes live in Q3 that climbs to roughly 139 million, including further growth to date under our access model. And once the full signed book is deployed, spanning Q4 and Q1 of next year, we expect an annualized run rate north of $696 million. Q2 is just the start of the ramp. Now that I've given you a glimpse of what's to come, Kyle will show you what's actually going to be deployed behind these numbers.
Signing contracts is only half the story. Delivering them at this scale is the other half. And that's where Axe earns its margin and returns value to shareholders. Every cluster starts with NVIDIA's best silicon. Eight B300 GPUs per node, 288 gigabytes of HBM3E memory on every single one. For our largest builds, we go further. The GB300 and VL72, 72 GPUs and 36 grace cpus fused into one rack scale system sharing that same 288 gigabytes per gpu times 72. we rack it in high density air cooled liquid cooled or direct liquid cooling configurations 64 to 155 kvas per rack that's not office it right this is an industrial scale ai factory we connect it with InfiniBand Quantum X800 InfiniBand, 6.4 terabits per second per node or 57.6 terabits per second per rack on the GB300s. We feed it with attached storage at real scale. We're talking 20 or 40 petabytes and beyond through great partners like WECA. And we house all of this in tier 3 N plus 1 facilities, 5, 20, 25, 30 megawatts each, built with room to grow into the next contract before the ink is even dry.
Here's the point. It's the whole thesis of our business.
At this scale, AI capacity cannot be bought off the shelf. It has to be engineered, or even better, co-engineered with our clients rack by rack, watt by watt, node by node. That expertise is exactly what our customers are contracting us for and it's exactly why they come to Axe instead of trying to build it themselves. And while we're here in Columbus, Georgia and we're giving you guys a tour of this data center. It's important to note that we're also building other clusters around the world. So we have a few pictures here on our Sweden cluster in Bowdoin. We're very excited about this one. It's with a great partner and that cluster is already being built right now. We'll have to do our next earning release from Sweden, although it might be a little cold that time of year. But we'll definitely keep the teams updated there. What this cluster is is 256 nodes plus spares of GB, I'm sorry, B300s, full Rocky V2 on this one, as well as a very large storage cluster also provided by our partner Weka with dedicated circuits to data lakes across Europe, dedicated internet for high-speed inferencing, and it's really a multi-purpose cluster that supports both training across that rocky v2 network fabric as well as high speed inferencing so it's a pretty exciting cluster that we expect to go live near the end of this year and we'll definitely keep the teams updated on how that goes and provide some more videos and pictures as we go along here to give you a live video walkthrough of the latest build that axe compute is doing for enterprise clients we're here in wonderful columbus georgia in a tier 3 facility with an active ongoing build so forgive me if you hear some construction noise in the background there's a lot of folks working on this project to get it live for our client as soon as possible this is a nvidia blackwell b300 cluster of 288 nodes plus additional shared high speed storage cpu nodes for orchestration kubernetes slurm etc dedicated networking so really everything you need for a true ai factory and we'll get into each of those components throughout the the real heart of this data center is is right here and And these are the NVIDIA Blackwell B300 machines. Inside each of these machines are eight individual GPUs, which all can speak to each other as if they were one unique computer. And then the really cool part is that each of these servers can all talk to each other across what we call an InfiniBand network, which basically turns each and every single GPU in this facility into one solid computer, right? So it can run very high speed, very high scale artificial intelligence use cases and workflows for our clients so we'll get into a little bit about each one of those components throughout but basically this is how an AI factory is built these are not normal racks these are not normal boxes this is not an IT environment this takes specialized cooling specialized air handling specialized plumbing and electricity work so it really does take a village to build one of these with both the data centers with the OEMs the original equipment manufacturers the data centers the electricians, plumbers. It's definitely a very large effort, so we're going to walk through that today. As I mentioned, all of these computers and chips are all connected together. So the way they do that is each pod or grouping of computers are all connected to an InfiniBand leaf architecture. So it's a spine leaf architecture. These are the leaf switches that connect each of the pods together and then these leaf switches ultimately all interconnect into a spine and so they are replicated for each pod of GPUs depending on capacity and redundancy purposes we can fit so many in each of these leafs and spines and then ultimately those are all interconnected together that allows each and every single GPU on this network to talk to each other as if they were physically connected to each other it's about 6.4 terabits per second of communication between those GPUs, which is quite a lot of bandwidth. In addition to that, over here we have high-speed storage. Forgive the background noise as I mentioned. This high-speed storage is provided by our partner Weka, who's been a great partner. They have their signature purple facade here on these plates. This high-speed storage is connected to each and every single one of these GPUs, so we can move very, very large amounts of data. This cluster is supporting over 20 petabytes of data which is a lot of different iPhones. I can't do that math right now but basically it allows all of the GPUs in here to talk to this high-speed storage across that network that I mentioned before on both the north-south basis. So now I'm going to walk you guys over to another part of the data center. We're walking through cold aisle containments right now that are being built and you'll see a very similar infrastructure. You'll see all of the different servers of the Blackwell B300s all connected to the Leaf architecture, all connected to the Spine architecture, and over here you'll see a bunch of management nodes. These allow us to do different things from automated provisioning, advanced monitoring, security hardening, setting up VPNs, managing different applications for our clients like Kubernetes or Slurm, etc. You'll see more purple boxes over here for even more high-speed storage and ultimately behind all of the cabling activities that's going on right now you'll see some more traditional servers here right you'll see the Dell boxes here that we're using for some of our bridges and some of our management capabilities and ultimately what these components do they each play their role right so there's there's UFM nodes there's OV connectivity for different management capabilities all of this ties together with what we call an Nvidia reference architecture or Nvidia reference design right so full Nvidia switching throughout, full NVIDIA GPUs throughout with accoutrements that allow us to add ancillary services to our clients. And that's basically it. So thank you guys for coming with us to Columbus, Georgia. We've got a lot of work to do from containment aisle finishing up tomorrow to all of the cabling happening now to get this cluster live as soon as possible. We look forward to the next one as you can see behind me and we fully intend to expand and this is the space that we are expanding this cluster into so it will be one contiguous single spine architecture three times the size so while the cluster that I mentioned is already quite large and quite powerful it will triple up in the next few months now let's shift gears to what's coming ahead as of this month we are tracking 5.9 billion dollars in active qualified pipeline, 98 open opportunities across our sales organization. That's nearly double the size of our current signed book and every week it keeps growing as momentum continues to accelerate. By dollar value, roughly two-thirds of that demand is for Blackwell class GPUs or Vera Rubens. We're talking about B200s, B300s, GB300s and of course the latest Vera Ruben chipset. Our customers aren't asking for yesterday's hardware. They're asking for the newest, fastest, most powerful silicon NVIDIA makes to really power their businesses for the future, not just for the current needs. Also worth noting, clients understand that securing AI infrastructure on a long-term basis is a vital and strategic imperative for their business, which aligns nicely with our equipment ownership model and long-term data center investments. And keep watching this space. We're already fielding significant early demand for NVIDIA's Vera Rubens, the next architecture, ahead of volume shipment. So our customers are already planning generations ahead and so are we. A pipeline this size really isn't a hope, right? It's a queue. And our job for the rest of this year and beyond is pretty simple. Convert that queue, contract that queue, and turn up additional clusters for our clients. So that's really the way we've converted the three billion dollars that you just heard about. And as Chris has said to me multiple times, there's many more ahead.
Shifting gears to the organization.
None of this, the contracts, the technology, the pipeline means anything without the people who build it, which are the most important part of X-Compute. So let's talk about the team a little bit. Right now we are actively adding more than 20 people to this organization. And every one of those hires is funded by a contract we've already signed. On In deployment and operations, we're increasing our data center engineers, cluster commissioning specialists, our 24 by 7 operations staff, all in advance of standing up these clusters going live this quarter and next. And that's all under dedicated VP level deployment leadership. On the infrastructure engineering side, we're adding GPU, CPU, network fabric, storage specialists, the people who really make 5, 15, and 30 megawatt AI factories actually work across both our U.S. and European footprint. On customer support and commercial operations, we're really enhancing our technical account teams, our program management organization, and broadening our enterprise coverage behind those signed contracts and that multi-billion dollar pipeline. And behind our next objective, an additional two billion dollars in new signings before the end of the year. Our philosophy is pretty simple. We don't staff up on hope. We scale fast to deliver on commitments, locked and loaded, and we hire experienced talent that can really deliver and execute on enterprise-grade support while still providing customers the choices that they deserve. Headcount follows committed revenue on a very disciplined and success basis. That discipline is pretty much what turns a hot pipeline into a durable, profitable company, and it's exactly where and why we're built to deliver on everything that you've just heard. I'll now pass it back to Chris to close us out. Thank you.
So where do we go from here? Our objective is an additional $2 billion in signed contracts before the end of 2026. And as you can see from what Kyle just presented, I don't think we're going to have a problem hitting that number. You know, we're well on our way. And if things keep going the way that they did in this last quarter, we should exceed that goal. So we're excited about that. Then just to summarize the quarter, you know, this is the first quarter that we had revenue from the compute business, and you're just going to see that acceleration continue to kick in as we bring more clusters live. So as this cluster goes live, you're going to start to see around $20 million, $21 million dollars a quarter just from this location come in and then as we bring on the other clusters into the end of Q4 in the beginning of Q1 you'll start to see us grow up to the 696 million dollars in ARR for the year. So our job for the balance of this year is to continue to sign more agreements but also to make sure that we have the infrastructure in place to deploy a really solid amazing clusters globally so we appreciate you being with us here today to hear our story we're excited about where we are we're working really hard and we're you know we think that we find ourselves in a really positive place so thank you for being here and spending the time with us we look forward to continuing to have you as an investor and if you're new to our story we continue we look forward to you in having you join us on this journey so thank you very much
