Hyperscale Data Stock Hits All-Time Low as Michigan Site Fully Exits Bitcoin Mining for AI
Inside a 617,000-square-foot campus on roughly 83 acres in Michigan, rows of Bitcoin mining rigs that had been humming for years went quiet on September 1. There was no dramatic announcement moment, no countdown — just a facility manager working through a checklist to power down machines that were, until recently, the entire reason the site existed. By the time the last rig switched off, Hyperscale Data had completed a pivot years in the making: from a Bitcoin miner leaning on its own treasury to survive, into an AI infrastructure landlord betting on a single, much larger contract.
Wall Street’s reaction to that pivot was brutal. Shares of Hyperscale Data, which trades under the ticker GPUS on NYSE American, fell to a new all-time low this week, dropping roughly 17% to close at $0.1984 after touching an intraday low near $0.1932. It capped a decline of more than 76% for the stock so far in 2026 — a stretch in which the company sold off the bulk of its Bitcoin holdings, at one point selling 686 BTC for roughly $43.4 million just to manage its debt load, and has seen its treasury shrink from over a thousand Bitcoin earlier in the year to around 215 BTC today.
The bet the market is punishing right now is this: Hyperscale has signed a master services agreement to convert the Michigan site into a data center for AI compute, with an unnamed California-based neocloud customer taking an initial 20 megawatts of capacity. Under the deal’s full 10-year term plus two five-year extension options, Hyperscale estimates the contract could generate more than $1.2 billion in revenue. The customer also holds an option to expand into an additional 32 megawatts of capacity within the first two years — an expansion that, if exercised and carried through both extension periods, could push total contract value above $3 billion. The Michigan campus has existing infrastructure built out for up to 340 megawatts, meaning even the expanded 52-megawatt commitment taps only a fraction of what the site could ultimately support.
That is the long-term case Hyperscale is making to investors. The short-term reality is a company that funded its AI transition partly by liquidating the Bitcoin treasury it spent years building, arranging a BTC-backed credit facility along the way, and doing all of it while its stock keeps setting new lows. Whether the AI contract’s revenue potential eventually outweighs the market’s skepticism about the execution risk between now and when that $1.2 billion actually materializes is, for now, an open question the share price is answering with a resounding no.
Stocks of companies tied to Bitcoin mining and AI infrastructure can be extremely volatile, and past treasury or revenue figures are not guarantees of future results. This article is for informational purposes only and is not financial advice. To learn how Bitcoin mining economics work more broadly, see coin680’s Bitcoin Academy.