Capacity Inflection Incoming

Research evidence excerpt

Capacity Inflection Incoming

AI Infrastructure

SharonAI Holdings Inc. (SHAZ)

EQUITY RESEARCH Company Update

June 17, 2026

Capacity Inflection Incoming Price: $93.03

Price Target: $116.00 (From $69.00) Over the last week, SHAZ has signed a deal with NVDA, expanded its partnership

Rating: Overweight (and access to storage) with VAST Data (private), and raised $1.6bn across equity and

Key Statistics: convertible notes. We believe the NVDA contract is, for lack of better words, a game-

Symbol NASDAQ: SHAZ changer for SHAZ. This gives SHAZ an immediate credibility boost and the contract/

52-Week Range 1.90 - 178.00 partnership is quite unique relative to other NVDA-related partnerships that have

Market Cap 2,776.0 been announced (CRWV, NBIS, IREN, etc.). Not only does this contract improve SHAZ

ADV (3 mo) 492,563

ability to finance GPUs, but also it will be allocating these GPUs to short-term/on- EV ($M) 2,199

Shares Out (M) 29.8 demand markets, where pricing is materially higher than long-term reserve capacity

contracts. The bottleneck, as it relates to short-term markets, is how to finance the

Research Analysts: GPUs, and we believe this deal solves that bottleneck. While the deal has a "floor" TCV

Brett Knoblauch, CFA of ~$4.9bn, we believe it could conservatively be worth $7.5bn. We also believe this

212-610-2221 will accelerate the power ramp for SHAZ. As a result, we are increasing our YE27 power

Brett.Knoblauch@cantor.com target from 139 MW to 225 MW, which also increases our YE27 revenue estimate by

Nathan Frankovitz 12.4%. We are reiterating our OW rating and increasing our PT to $116 (from $69), 929-706-2050

Nathan.Frankovitz@cantor.com on the back of higher EBITDA estimates and a higher multiple (10x vs 7.5x) given

Gareth Gacetta improved credibility.