Digi Power X has stopped being a Bitcoin miner in any meaningful sense. The British Columbia company that began as a self-miner behind its own power plant in upstate New York now carries a ten-year colocation agreement with Cerebras Systems for forty megawatts of AI data center space in Columbiana, Alabama.
The tension sits in the gap between paper and steel. The Cerebras contract has an initial term value near $1.1 billion, yet the company earned just $1.08 million of AI revenue in its first two quarters. The equity base grew three-quarters in fourteen months to fund the pivot, and the quarter closed with $128 million of cash and no interest-bearing debt.
The second quarter printed revenue of $6.63 million and a net loss of $14.36 million, flattered by a foreign exchange gain that alone covered half the reported deficit. The question of the next twelve months is whether the Columbiana Phase 1 build reaches its December 2026 ready-for-service date. The stock just diluted its base by three-fifths of the old share count, and the market has not finished pricing the pivot.