SharonAI Holdings Inc. (SHAZ)

Price$55.94Cached quoteAs of 2026-09-06 00:08 UTC

AI: Fair-priced

Price checkThe valuation balances a low enterprise value against almost no current revenue.

SharonAI Holdings Inc. is listed on the Nasdaq Stock Market under SHAZ. The company carries roughly $2.0 billion of equity value and about $1.18 billion of enterprise value. That is about 1.8 times book value and roughly 3.4 times forecast sales, while the trailing sales multiple exceeds 600 times because current revenue is tiny. Enterprise value means equity value plus debt minus cash. This looks fair if contracted revenue ramps as planned, expensive if execution slips, and potentially cheap if the backlog becomes durable high-margin cash flow.

Big pictureCash is substantial, but the buildout depends on heavy spending and external financing.

Second-quarter revenue was $1.9 million and adjusted EBITDA was positive $0.6 million, but the operating loss remained sizable and the headline net loss was dominated by a non-cash convertible-note fair-value charge. Cash and equivalents were $1.86 billion at June 30, versus about $1.01 billion of convertible notes. First-half operating cash flow was positive largely because of customer deposits, while investing used $263 million. The filing also describes about $4 billion of NVIDIA-related hardware commitments plus other large project and data-center commitments, and management says it may raise further funds.

Business strengthLarge contracted demand and strong partners improve visibility, while execution remains unproven.

Sharon AI reported about $8.8 billion of total contract value and 212 MW of secured AI Factory capacity, with several long-term agreements using take-or-pay structures. Take-or-pay generally means a customer commits to pay for reserved capacity even if usage is lower. The NVIDIA collaboration and partners such as NEXTDC and VAST strengthen procurement and platform credibility. The model is also cyclical: GPU rental rates can fall as new hardware arrives or industry capacity catches up. SEC disclosures warn that revenue also depends on timely data-center delivery, GPU availability, power costs, and rapid hardware obsolescence.

What could change the storyDeployment speed, realized margins, funding needs, and dilution will decide whether upside materializes.

Bull case: contracted clusters arrive on schedule, the Q3 2026 through 2027 revenue ramp lands, utilization stays high, and margins are strong enough that today's enterprise value looks small versus eventual cash earnings. Bear case: deployment slips shorten service periods or trigger cancellations, GPU pricing falls faster than costs, NVIDIA support terms weaken, or new capital is needed before cash flows mature. Dilution is material: Class A shares rose from 11.8 million to 35.7 million during the first half, with pre-funded warrants and convertible notes adding further potential shares.

AI: News

Customer deployment acceptedA major customer accepted the first deployment, moving contracted capacity closer to recurring revenue.

On August 20, Sharon AI said a global technology customer accepted the first phase under a five-year agreement with roughly $950 million of initial contract value. Acceptance released cash security from escrow and cleared a key delivery milestone. The company expects revenue from that customer to begin in stages during Q3 and Q4 2026. This matters because moving from announced contracts to accepted clusters is the clearest test of operational execution.

Q2 contracts surgeContract value surged and cash strengthened, but reported revenue remained very small.

On August 6, Sharon AI reported Q2 revenue of $1.9 million, adjusted EBITDA of $0.6 million, and $1.9 billion of cash, while total contract value reached about $8.8 billion. The reported net loss was $430.4 million, mostly driven by non-cash convertible-note fair-value accounting. Management said revenue should ramp materially from Q3 2026 through 2027 as contracted capacity comes online, making the next several quarters central to validating the business model.

New Zealand contractA five-year AI lab contract expanded Sharon AI into New Zealand with substantial committed demand.

On July 16, Sharon AI signed a five-year cloud service agreement with a global AI lab valued at $1.32 billion. The project anchors the company's first New Zealand AI Factory, with revenue expected to begin across Q1 and Q2 2027. At announcement, the company had 132 MW of total AI Factory capacity, 116 MW contracted to end customers, and more than 62,000 NVIDIA GPUs expected by mid-2027. The deal broadens geography and backlog but pushes major revenue realization into 2027.

Strategic financing closesA large financing strengthened liquidity while materially increasing debt and potential shareholder dilution.

On June 29, Sharon AI closed a $1.6 billion strategic financing made up of about $900 million of common shares and pre-funded warrants plus $700 million of convertible senior notes. The funds are intended mainly for the NVIDIA-backed AI Factory buildout and broader expansion. The deal substantially strengthened liquidity, but it also increased debt and potential share dilution, making future returns more dependent on converting capital spending into contracted, cash-generating deployments.

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024
Revenue	$1.6M	$438,292
Gross profit	$100,807	−$281,701
Gross margin	6.43%	−64.27%
Operating expenses	$15.4M	$4.5M
Operating income	−$13.8M	−$4.0M
Operating margin	−879.97%	−919.47%
EBITDA	−$10.1M	−$2.9M
EBITDA margin	−643.64%	−661.48%
Net income	−$39.6M	−$3.9M
Net profit margin	−2,529.24%	−891.02%
Basic EPSper basic share	-$4.04	-$0.77
Diluted EPSper diluted share	-$4.04	-$0.77

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of SHAZ
Holder	Shares held
Situational Awareness LP	5.4M
Leece Andrew	1.4M
MILLENNIUM MANAGEMENT LLC	1.33M
Manning James Edward	1.32M
Two Seas Capital LP	1.29M
HUGHES-JONES NICHOLAS JEREMY	1.25M
CITADEL ADVISORS LLC	1.23M
LONE PINE CAPITAL LLC	1.21M
Mercuria Capital Strategies, LLC	767.33K
SONA ASSET MANAGEMENT (US) LLC	749.36K
Regal Partners Ltd	534.96K
UBS Group AG	494.84K
Point72 Asset Management, L.P.	436.49K
Anson Funds Management LP	363.74K
OAKTREE CAPITAL MANAGEMENT LP	289.46K
BlackRock, Inc.	249.11K
NEUBERGER BERMAN GROUP LLC	224.74K
Clearline Capital LP	202.04K
SCOGGIN MANAGEMENT LP	195K
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	178.89K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗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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