NC-1 Nearing Delivery

Research evidence excerpt

NC-1 Nearing Delivery

AI Infrastructure

WhiteFiber, Inc. (WYFI)

EQUITY RESEARCH Company Update

May 14, 2026

NC-1 Nearing Delivery Price: $29.24

Price Target: $27.00 (From $13.00)

WYFI reported 1Q26 results this morning (5/14). The focal point of the quarter

Rating: Neutral pertained to WYFI's NC-1 buildout and its relationship with Cerebras (CBRS, NC), which

Key Statistics: is topical as the company is currently going public. Regarding NC-1, the company

Symbol NASDAQ: WYFI outlined some supply chain issues that could push back full delivery of that site. As

52-Week Range 10.51 - 40.75 a reminder, it was expecting to hand over the data center by the end of May, with

Market Cap 1,129.0 billing starting 30 days later. Management noted the delay it is referring to is a few

ADV (3 mo) 911,336

days at most, thus not really material in the grand scheme of things. From a financing EV ($M) 1,276

Shares Out (M) 38.6 point of view, management is also optimistic they can wrap up project financing on

the site within the next several weeks. We estimate it would look to raise $350-

Research Analysts: $400m in debt, which we then expect it will use to acquire additional sites to grow

Brett Knoblauch, CFA its leasable capacity. Regarding Cerebras, 1Q26 was the first full quarter of Cerebras

212-610-2221 taking capacity from its MTL-3 facility (7 MW). Management is also looking to triple

Brett.Knoblauch@cantor.com the size of this facility, and the expectation is that Cerebras would be looking to expand

Gareth Gacetta with them. Ultimately, WYFI continues to execute on delivering its NC-1 facility. With 212-915-1251

Gareth.Gacetta@cantor.com more clarity on the offtaker (IG hyperscaler), we are raising the valuation multiple we