Detailed narrative
AI Factory Capacity Expansion
SharonAI significantly increased its total secured AI factory capacity by 80 megawatts, reaching 212 megawatts across Australia and New Zealand, up from 132 megawatts previously. This represents a 4x increase from 54 megawatts at the start of the year. Of this, 120 megawatts are already contracted through multiyear take-or-pay agreements, leaving 92 megawatts available for sale. The company expects to deploy over 64,000 NVIDIA GPUs by mid-2027.
Key Customer Wins and Contracted Value
The company executed $8.8 billion in total contract value (TCV) year-to-date, a substantial increase from $2.2 billion in Q1. Key wins include a six-year strategic compute collaboration with NVIDIA for $4.9 billion, a five-year take-or-pay agreement with a global AI lab for $1.32 billion, and a five-year agreement with a global technology company for $950 million. A recent five-year deal with a global AI platform for $373 million achieved a record price of over $4 per GPU-hour for a B300 deployment.
Capital Strategy and Leadership Appointments
SharonAI raised approximately $2.2 billion in capital since December 2025, including a $1.6 billion oversubscribed strategic financing round in June and a $350 million convertible note in April. The company also made significant leadership appointments, including Anuj Goel as CFO, Melissa Anastasiou as Chief Legal Officer, and Andrew Penn as Non-executive Chairman, strengthening governance for its next growth phase.
Strategic Positioning and Addressing Scarcity
SharonAI positions itself as a leading NeoCloud and AI infrastructure partner, leveraging its NVIDIA Cloud Partner status for prioritized GPU access. Its Australia and New Zealand hosted sovereign infrastructure is relevant for regulated customers. The company's capital-efficient deployment model involves partnering with data center operators, accelerating deployment, and reducing capital requirements. Management emphasized addressing scarcity in GPU allocation, reliable power, regulatory compliance (data residency), and specialized capital/talent.
Commercial Model and Partner Ecosystem
The company's contracting model involves customer prepayments to reduce upfront capital outlay, followed by monthly revenue recognition on reserved capacity for the full term of take-or-pay contracts. High customer switching costs due to data gravity, platform tuning, and hardware lead times support recontracting. SharonAI orchestrates a partner ecosystem including NVIDIA (compute), NEXTDC (data centers), VAST Data (storage), and Worldwide Technology (procurement/implementation) to support faster, capital-efficient growth and lower operational risk.
Revenue Outlook and Delivery Focus
SharonAI expects its first material revenue to commence in Q4 2026 as large-scale B300 and GB300 deployments come online. A B300 cluster was handed over to a customer this month, with further B300 and GB300 deployments planned for late Q3 and early Q4. The company's focus for the next 12 months is on execution, delivery, and operating at high standards to recognize contracted revenue.