A Letter to Our Investors and Partners

To our investors and partners, 

We started QumulusAI on a simple conviction: as AI moves from research to production, the winners won’t be whoever buys the most GPUs. They’ll be whoever can bring AI infrastructure online with discipline, transparency, and speed. That conviction drives everything we do, and the momentum behind it has never been stronger. 

It comes down to a distinction that sits at the heart of our company. AI’s biggest barrier isn’t intelligence; it’s the compute that enables it. We don’t build the models. We build the infrastructure to power them. I’m writing to show you what we’ve built, how fast we’re building it, and why we’re positioned to reshape how organizations access AI compute. 

The Problem We Exist to Solve

Demand for AI compute is outpacing the infrastructure to support it, and we are still early. Much of today’s compute is cornered by the largest AI companies and hyperscalers, whose pricing runs artificially high on internal supply constraints. Organizations scaling their AI use cases hit the same walls: fragmented procurement, opaque pricing, and environments that limit where they can run workloads. We see five structural barriers: flexibility, access, cost, trust, and speed. We organize everything around solving them. That’s our F.A.C.T.S. framework, not marketing jargon but the lens we apply to every site, every deployment, and every customer engagement. 

What We’re Building

What we’re building comes down to a straightforward goal: bring as much AI compute online as fast as possible. That’s what the market needs right now. Customers don’t want capacity eventually; they want it yesterday. Supporting this surging demand is largely a question of speed, and speed is where a distributed approach wins. A single mega-campus can take years to plan, power, and energize. We bring AI compute online in months, not years. We use existing capacity to meet demand now, while simultaneously building the pipeline to power what’s next, running compute across a growing network of smaller sites and standing up fully operational GPU-as-a-Service environments at hyperspeed. And where and when it makes sense, we will leverage full-stack ownership across power, GPU deployment, and orchestration to control that timeline ourselves rather than wait on others to hit it. 

Our model is already running and accelerating. We have over 3,000 GPUs, deployed and being delivered, generating revenue across our distributed data center network, up from roughly 560 a year ago. Demand is showing up in signed, multi-year commitments: a two-year agreement with Shadeform for two NVIDIA H200 clusters totaling 680 GPUs, and more than $124 million in three-year contracts covering 1,280 NVIDIA Blackwell GPUs across two leading AI inference platforms. That is hyperspeed in practice: capacity identified, deployed, and converted into revenue-generating infrastructure. 

We are scaling our next phase of HPC capacity with asset-aligned commitments, including a subsequent $26.0 million equipment lease facility with TFC, $90 million in convertible notes from ATW Partners, and, subject to USD.ai underwriting standards and specific equipment requirements, up to $500 million in non-recourse equipment financing under the USD.AI protocol. Our footprint spans colocation sites across the U.S., including the Atlanta area, Kansas City, Denver, and Philadelphia, with more than 150 MW of available capacity and accelerating deployment cycles. And it all runs on NVIDIA technology. The point isn’t simply that we’re growing. It’s that we’ve built a repeatable way to bring compute online at speed, at a moment when execution discipline and capital efficiency matter as much as scale. We stay nimble, finding small, often-overlooked pockets of datacenter and power capacity and moving on them to deliver what the market needs now. Rather than build our own generation, we follow a deliberate power strategy, and we will tap behind-the-meter and independent power sources where and when it makes sense, which lets us move fast today while unlocking longer-term capacity for scale. Our aim is durable, well-capitalized growth, not growth for its own sake. 

Why We’re Confident

The momentum since my first day as CEO in September reflects that confidence. We’ve strengthened our board and leadership as we move toward the public markets, adding directors whose experience spans public-company governance, capital markets, and regulatory strategy: Dr. Homaira Akbari, a seasoned public-company director; David Rench, former CFO of Applied Digital; Barry Schwartz, who brings deep regulatory expertise; and Mike Mulica, a veteran technology CEO and venture capitalist with three decades of experience in scaling technology, communications, internet, and cloud platforms. We grew our GPU capacity by 5.5x during our 2025 expansion phase, much of it under multi-year customer contracts, with future growth potential captured in our recently released guidance. And speed remains our edge: smaller, distributed sites bring compute online faster than monolithic campuses, and as workloads shift from training toward inference, that footprint becomes a lasting structural advantage across a wide range of future AI workloads. 

We’ve proven QumulusAI can identify capacity, procure and deploy GPUs, stand up operational environments quickly, and convert infrastructure into customer-ready AI compute. The AI revolution will be built on infrastructure, and we intend to build the layer that helps more organizations break AI’s biggest barriers, accessing the compute they need faster, more transparently, and with greater flexibility. 

None of this would exist without our people. Our early founders took a bold idea and willed it into a company, and every employee since has carried it forward through persistence, hard work, and vision. What we’ve built is a credit to them, and it’s the foundation we’ll keep building on. 

To our legacy investors: thank you for believing early. The company you backed has grown from an ambitious idea into an operating platform with deployed GPUs, revenue-generating infrastructure, and a clear strategy to capitalize on one of the biggest infrastructure buildouts in history. To new investors and partners: we’d welcome the chance to show you what we’re building, a differentiated model, a large market opportunity, and a team built to execute. 

We are not hyperscale as you know it. We are building for hyperspeed.

Thank you for your continued trust and partnership. I look forward to sharing more as we execute. 

Sincerely, 
Mike Maniscalco
Chief Executive Officer, QumulusAI