Boost Run Inc. (BRUN)

Price$13.18Cached quoteAs of 2026-10-10 07:51 UTC

AI: Fair-priced

Price checkThe shares look fairly priced only if contracted growth converts into dependable cash.

Using 83.85 million shares outstanding after the warrant redemption, the quotation implies about $1.39 billion of equity value. That is roughly eleven times second-quarter revenue multiplied by four, demanding strong growth despite a current operating loss. If management reaches $400 million of annual recurring revenue—expected yearly revenue from repeating contracts—and retains 15%–20% as cash, the valuation becomes about 3.5 times revenue and 17–23 times targeted cash flow. Substantial contracts balance those unproved assumptions, supporting a fair-priced verdict.

Big pictureRapid growth is real, but recent cash generation mostly came from customer prepayments.

Revenue rose from $7.9 million in 2024 to $26.9 million in 2025, yet the operating loss widened from $0.1 million to $11.1 million. Second-quarter 2026 revenue reached $31.1 million versus $8.4 million, but the company still lost $12.9 million from operations. Six-month operating cash inflow was $114.2 million; however, customer prepayments increased $112.9 million, explaining nearly all of it. Those deposits fund expansion but represent services still owed, so they do not yet prove durable cash earnings.

Business strengthLong contracts support demand visibility, while heavy equipment commitments leave little room for delays.

Boost Run reported $1.9 billion of signed contract value, averaging about three years. Its Thinking Machines order alone covers 5,000 advanced graphics chips and $471.7 million over 36 months. This provides unusual demand visibility and partly matches equipment leases lasting 30–36 months. The counterweight is leverage: June cash was $120.2 million against $238.1 million of finance-lease liabilities and $78.5 million of other financing obligations. Fast chip obsolescence makes timely deployment and renewal crucial because aging equipment could lose value after contracts end.

What could change the storyProving signed contracts can fund expansion would strengthen the case; deployment slippage would weaken it.

Management expects roughly $400 million of annual recurring revenue by year-end. It also secured 20 megawatts of powered capacity expected in the fourth quarter, with expansion to 111 megawatts planned during 2027. Hitting those milestones while funding $1.0–$1.4 billion of planned 2026 investment would validate the bull case. The bear case strengthens if delays or financing costs consume contract cash. Warrant exercises raised $130 million but created 11.45 million shares; further equity funding would dilute each existing shareholder’s claim.

AI: News

Second-Quarter Growth SurgeRevenue nearly quadrupled, but losses and expansion funding needs left growth quality uncertain.

On August 14, Boost Run reported second-quarter revenue of $31.1 million, up 270% from $8.4 million a year earlier, and said signed long-term contract value had reached $1.9 billion. The company nevertheless recorded a $12.9 million operating loss and a $75.0 million net loss, including a $55.7 million tax charge largely connected to its corporate conversion. The results expanded future revenue expectations while underscoring that accounting profit and repeatable cash generation remain unproved.

Powered Capacity LeaseNew powered sites can unlock signed demand, but they also add long-term fixed commitments.

On August 14, Boost Run announced a long-term lease with 10X Infrastructure Partners. The first existing site is expected to supply 20 megawatts of capacity in the fourth quarter of 2026, with a planned path to 111 megawatts across two additional sites during 2027. Faster access to powered space could accelerate customer deployments and revenue. The economic benefit still depends on installing equipment on schedule and keeping contract receipts above lease, power, and financing costs.

Warrant Redemption CompletedMost warrants became shares, raising cash while ending a known source of future dilution.

Boost Run announced on August 26 that 11,447,717 warrants had been exercised before the August 20 redemption deadline, producing about $130 million of gross cash. Only 22,994 warrants remained unexercised and were redeemed. The transaction removed the remaining warrant overhang and strengthened funding for expansion, but it also increased the share count. By August 25, the company had 54.31 million Class A and 29.53 million Class B shares outstanding.

Thinking Machines ContractA large three-year customer contract strengthened demand visibility and raised execution stakes.

Boost Run disclosed on May 28 that its May 21 agreement with Thinking Machines Lab covered 5,000 NVIDIA B300 graphics processors and approximately $471.7 million of services over 36 months. The orders are non-cancelable and fees are generally non-refundable, providing stronger revenue visibility than short-term rentals. However, this single agreement represents roughly one-quarter of the subsequently reported contract total, so provisioning failures or a material service breach could have an outsized effect on expected revenue.

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024
Revenue	$26.9M	$7.9M
Operating expenses	$34.0M	$6.1M
Operating income	−$11.1M	−$69,000
Operating margin	−41.11%	−0.87%
EBITDA	−$517,000	$2.5M
EBITDA margin	−1.92%	31.06%
Net income	$0	$0
Net profit margin	0.00%	0.00%
Basic EPSper basic share	-$0.33	-$0.00
Diluted EPSper diluted share	-$0.33	-$0.00

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Owners

Reported shareholders

Reference date Jun 30, 2026

≈16.94%of listed shares

Georgakopoulos Harilaos8.02M shares · May 8, 2026

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Top 20 reported holders of BRUN
Holder	% owned
Georgakopoulos Harilaos	≈16.94%8.02M shares
A23 Revocable Trust No.1, Dated January 26, 2026	≈16.94%8.02M shares
Weil B. Luke	≈7.09%3.36M shares
Goodrich Sean	≈7.06%3.34M shares
TOMS Capital Investment Management LP	6.61%3.13M shares
FMR LLC	3.77%1.78M shares
CITADEL ADVISORS LLC	2.79%1.32M shares
D. E. Shaw & Co., Inc.	2.64%1.25M shares
UBS Group AG	1.82%860.04K shares
AWM Investment Company, Inc.	1.72%813.74K shares
Burke Ryan Matthew	≈1.68%792.5K shares
Hiddenite Capital Partners LP	1.59%750K shares
Capricorn Fund Managers Ltd	1.59%750K shares
WELLINGTON MANAGEMENT GROUP LLP	1.31%619.24K shares
Yorkville Advisors Global, LP	1.23%582.37K shares
MORGAN STANLEY	1.04%490.68K shares
Harraden Circle Investments, LLC	0.99%466.38K shares
SCOGGIN MANAGEMENT LP	0.72%342.5K shares
Magnetar Financial LLC	0.62%291.98K shares
BlackRock, Inc.	0.58%273.58K shares

Percentages use 47.31M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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