Digi Power X Inc. (NASDAQ: DGXX) has expanded its at-the-market (ATM) equity offering program to up to $175 million, providing additional financial flexibility as the company pursues a major artificial intelligence data center development with Cerebras Systems. The Nasdaq-listed AI infrastructure operator filed a prospectus supplement on May 9, adding $100 million to an existing $75 million program, with shares to be sold through A.G.P./Alliance Global Partners in the U.S. market.
The timing of the move is notable, coming just days after Digi Power X signed a 40-megawatt data center agreement with Cerebras Systems on May 4. Cerebras, which is preparing for its own initial public offering, is expected to raise its IPO price range and increase the offering size as early as Monday, with sources reporting that demand has exceeded available shares by more than 20 times, according to Reuters.
An ATM offering allows a company to sell shares into the public market at prevailing prices over time, providing a flexible financing mechanism. Digi Power X stated that proceeds from any sales would be used for general corporate purposes, working capital, Tier 3 data center construction, debt repayment, and potential acquisitions. Tier 3 data centers are designed with redundant backup systems for high reliability.
Before the new filing, Digi Power X had already sold $72.36 million under the previous $75 million program, leaving the expanded $175 million facility as a live financing lever ahead of Monday's U.S. market open. The company is under no obligation to sell shares and may suspend or terminate sales at any time.
Shares of Digi Power X closed at $6.63 on Friday, up 7.1% on the session and just shy of its 52-week high of $6.80. The company's market capitalization stood at approximately $462.8 million based on available quote data.
Investor focus on DGXX stock centers largely on the Cerebras contract. According to a May 8 filing, Digi Power X agreed to deploy roughly 40 megawatts of AI computing capacity at its Columbiana, Alabama campus. The initial 15 megawatts are targeted for service by December 15, 2026, with full deployment expected by the end of the first quarter of 2027. The agreement has a 10-year initial term with a stated value of about $1.1 billion, which could rise to approximately $2.5 billion if a seven-year extension is exercised. The second phase, adding 25 megawatts, is contingent on Digi Power X securing adequate financing.
Digi Power X's leadership has described the Cerebras deal as transformative. Chairman and CEO Michel Amar called it "transformational," while President Alec Amar described it as "a statement." Hans Vestberg, a senior adviser and former Verizon CEO, noted that high-density AI infrastructure has become one of the major buildout challenges of the period.
Financially, Digi Power X entered 2026 with a modest revenue base relative to its planned buildout. In 2025, the company reported $34.2 million in revenue, a GAAP net loss of $28.4 million, $78.5 million in cash, and $14.8 million in digital-currency holdings. The company has been transitioning away from cryptocurrency mining toward AI infrastructure, GPU-as-a-service, and colocation services.
The competitive landscape is intensifying. Hut 8 recently signed a 15-year lease worth $9.8 billion for a 352-megawatt Texas data center phase, while Nvidia announced plans to invest up to $2.1 billion in data center operator IREN as part of a strategy to deploy up to 5 gigawatts of AI infrastructure. Digi Power X's 40-megawatt Alabama project is smaller but targets the same critical bottleneck: power and space for AI compute.
Key risks include execution and dilution. Digi Power X must still build, equip, and commission the site; the second phase is not guaranteed; and the prospectus warns that investing in its shares is speculative and subject to significant risks. Any sales under the ATM program could increase the share count, depending on timing and price. A.G.P. is entitled to a 3% commission on shares sold under the program.
