WhiteFiber Completes Acquisition of Two North Carolina Data Center Development Sites and Provides NC-1 Update

NC-1 has approximately 35 MW operational, while commissioning issues delayed full contracted billing beyond the anticipated August timeframe.

Rhea-AI Summary

WhiteFiber (WYFI) completed the acquisition of two North Carolina industrial properties for conversion into data center campuses through subsidiary Enovum Data Centers. The $60 million cash purchase adds NC-2 and NC-3 in Yadkin County. WhiteFiber expects combined initial gross utility capacity of at least 60 MW, potentially reaching approximately 200 MW within seven years after closing, subject to confirmation and power availability. Initial service is targeted for late 2027. Customer letters of intent are non-binding, and development spending is expected to align with definitive agreements and financing.

At NC-1, switchgear commissioning issues interrupted service and billing and delayed full contracted billing beyond August. Approximately 35 MW of the contracted 40 MW IT deployment is operational. Development costs are expected to remain within the initial budget; financing documentation and closing requirements remain outstanding.

8 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointNC-2 and NC-3 acquisition completed, adding approximately 120 acres and 500,000 square feet for planned data center conversion.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Initial gross utility capacity is expected to total a combined minimum of 60 MW at NC-2 and NC-3.
• Moderate pointApproximately 35 MW of NC-1's contracted 40 MW IT deployment is now operational.
• Minor point. Forward-looking: it has not happened yet and may not happen.Up to approximately 200 MW is potentially supportable within seven years after closing.
• Minor point. Forward-looking: it has not happened yet and may not happen.Initial ready-for-service capacity at NC-2 and NC-3 is targeted for late 2027.

3 minor points

• Minor pointCustomer discussions are advanced, including proposals from investment-grade counterparties and proposals incorporating investment-grade credit support.
• Minor point. Forward-looking: it has not happened yet and may not happen.Seller occupancy and partial leasebacks are expected to offset a portion of property carrying costs.
• Minor point. Forward-looking: it has not happened yet and may not happen.NC-1 initial deployment investment is substantially complete; total development costs are currently expected within the initial budget.

Negative

• Moderate point$60 million paid in cash funded the property acquisition. 15% of market cap
• Moderate pointSwitchgear commissioning issues interrupted NC-1 service and billing and delayed full contracted billing beyond the anticipated August timeframe.
• Moderate pointNC-1 financing remains pending, with documentation and closing requirements still being addressed with the prospective lending group.
• Moderate pointCustomer letters of intent are non-binding for NC-2, NC-3 and NC-1 expansion capacity.
• Minor pointRemaining 5 MW of NC-1's contracted deployment is not yet online; work continues.

2 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Development spending plans are expected to align with definitive customer agreements and financing.
• Minor point. Forward-looking: it has not happened yet and may not happen.Potential capacity expansion at NC-2 and NC-3 remains subject to confirmation and power availability.

News Explained

After completing the acquisition, WhiteFiber says the seller will continue occupying portions of the properties under occupancy and partial leaseback arrangements, which are expected to offset some carrying costs as development advances.

Key Figures

Purchase price: $60 million Land area: Approximately 120 acres Existing warehouse space: 500,000 square feet +4 more

Purchase price

$60 million

Cash payment for the two North Carolina properties

Land area

Approximately 120 acres

Combined area of the acquired properties

Existing warehouse space

500,000 square feet

Combined space at the acquired properties

Initial utility capacity

Minimum of 60 megawatts

Combined initial gross utility capacity at NC-2 and NC-3

Potential utility capacity

Up to approximately 200 megawatts

Potential within seven years following closing, subject to confirmation and power availability

Contracted IT deployment operational

Approximately 35 MW of 40 MW

NC-1; work remained ongoing to bring the remaining 5 MW online

Target initial ready-for-service timing

Late 2027

NC-2 and NC-3, subject to customary development conditions

Previous Acquisition Reports

1 past event · Latest: Aug 17

Same Type 1 event

1. Aug 17

   Site acquisition agreement

   24h Move

   +2.8%

   Agreement set $60 million cash terms and a capacity plan; this release reports the acquisition closing.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

leaseback, letters of intent, run-rate billing

3 terms

leaseback financial

"occupancy and partial leaseback arrangements"

A leaseback is a financial move where a company sells an asset it owns—often real estate or equipment—to raise cash, then immediately rents the same asset from the buyer so it can keep using it. Think of selling your house and signing a long-term rental agreement to stay living there; it boosts short-term cash but creates ongoing rent payments and changes the company’s balance sheet, so investors watch how the cash is used and how the new lease affects future costs and risk.

letters of intent financial

"received non-binding letters of intent from a broad range of prospective customers"

A letter of intent is a preliminary written agreement that outlines the main terms and mutual expectations for a planned transaction—such as a sale, merger, partnership, or financing—before the final legal contracts are signed. Think of it as a detailed handshake or a rough recipe: it shows serious intent and sets the roadmap for due diligence and negotiations, but it often leaves key details open and does not guarantee the deal will close, so investors should treat it as a strong signal rather than a certainty.

run-rate billing financial

"delayed NC-1's ramp to full contracted run-rate billing"

Run-rate billing is an annualized estimate of how much a company would bill over a year if current billing levels continue unchanged; it takes a recent billing amount (for a month or quarter) and projects it out to twelve months like taking a snapshot and stretching it across a year. It matters to investors because it gives a quick, comparable measure of current sales momentum and scale, but it reflects billed amounts rather than recognized revenue or guaranteed future performance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Nov. 3, 2026 /PRNewswire/ -- WhiteFiber, Inc. (Nasdaq: WYFI) ("WhiteFiber" or the "Company"), a provider of artificial intelligence infrastructure solutions, today announced that, through its wholly owned subsidiary Enovum Data Centers Corp., it has completed the previously announced acquisition of two industrial properties in Yadkin County, North Carolina, designated NC-2 and NC-3. The purchase price for the properties was $60 million, paid in cash.

Located approximately 55 miles from WhiteFiber's NC-1 campus in Madison, North Carolina, the properties comprise approximately 120 acres of land and 500,000 square feet of existing warehouse space. The properties are expected to provide a combined minimum of 60 megawatts ("MW") of initial gross utility capacity, with the potential to support up to approximately 200 MW within seven years following closing, subject to confirmation and power availability. WhiteFiber intends to retrofit the properties into data center campuses, building on its regional development experience and operating capabilities.

WhiteFiber has received non-binding letters of intent from a broad range of prospective customers for capacity at NC-2 and NC-3 and expansion capacity at NC-1. These include proposals from investment-grade counterparties and proposals incorporating investment-grade credit support. The Company is engaged in advanced discussions with prospective customers across these opportunities.

WhiteFiber is targeting initial ready-for-service capacity at NC-2 and NC-3 in late 2027, subject to customary development conditions. WhiteFiber's development spending plans are expected to be aligned with definitive customer agreements and financing.

In connection with the acquisition, the seller will continue to occupy portions of the properties under occupancy and partial leaseback arrangements. These arrangements are expected to offset a portion of property carrying costs as WhiteFiber advances its development plans.

NC-1 Operational and Financing Update

Switchgear-related commissioning issues interrupted service and billing for the first 20 MW IT data hall and delayed NC-1's ramp to full contracted run-rate billing beyond the previously anticipated August timeframe. Approximately 35 MW of the contracted 40 MW IT deployment is now operational, with work ongoing to bring the remaining 5 MW online.

Capital investment required to deliver the initial contracted deployment is substantially complete, with total development costs currently expected to remain within the Company's initial budget.

WhiteFiber continues to advance financing for the initial contracted deployment at NC-1 with the previously disclosed prospective lending group. The parties are working through the remaining documentation and closing requirements. There can be no assurance that the financing will be completed.

"We are encouraged by the breadth of customer demand, including proposals from investment-grade counterparties and proposals with investment-grade credit support," said Sam Tabar, Chief Executive Officer of WhiteFiber. "We are building on our development and operating experience in North Carolina to meet strong customer demand across our portfolio. Our priority is to turn that demand into long-term contracts and develop capacity with the right customer and financing commitments in place. We look forward to working closely with local stakeholders as we develop these sites and being a responsible long-term partner to the community."

WhiteFiber will report its third-quarter 2026 financial results on November 10, 2026, and provide further financial and operating updates at that time.

About WhiteFiber, Inc.

WhiteFiber is a provider of artificial intelligence ("AI") infrastructure solutions. WhiteFiber owns high-performance computing data centers and provides cloud services to customers. Our vertically integrated model combines specialized colocation, hosting, and cloud services engineered to maximize performance, efficiency, and margin for generative AI workloads. For more information, visit www.whitefiber.com. Follow us on LinkedIn and X @WhiteFiber.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of applicable securities laws. Such statements include, but are not limited to, statements about the Company's pursuit and potential completion of financing for the initial contracted deployment at NC-1, including the timing and satisfaction of closing requirements; the Company's ability to bring the remaining MW online;the Company's plans to develop the properties as data center campuses; expected utility capacity and targeted ready-for-service timelines; prospective customer interest and non-binding letters of intent; and the expected benefits of the Company's retrofit-first development strategy, including with respect to time-to-market and capital efficiency. These statements may be identified by words such as "will likely result," "are expected to," "will continue," "will allow us to," "is anticipated," "estimated," "expected", "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. These forward-looking statements are based upon the current beliefs and expectations of the Company's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.

Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the forward-looking statements contained herein are reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. The Company undertakes no obligation to update any forward-looking statements except as required by law. All forward-looking statements speak only as of the date of this press release.

Investor Contact
WhiteFiber
IR@whitefiber.com

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SOURCE WhiteFiber, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did WhiteFiber acquire for NC-2 and NC-3, and when could they enter service?

WhiteFiber acquired two industrial properties in Yadkin County, North Carolina, for $60 million in cash and targets initial ready-for-service capacity in late 2027. The sites comprise approximately 120 acres and 500,000 square feet of existing warehouse space, which WhiteFiber intends to retrofit into data center campuses.

What is the status of WhiteFiber's NC-1 deployment and billing?

Approximately 35 MW of the contracted 40 MW IT deployment is operational, with work continuing on the remaining 5 MW. Switchgear-related commissioning issues interrupted service and billing for the first 20 MW IT data hall and delayed full contracted run-rate billing beyond the previously anticipated August timeframe.

How will the seller's continued occupancy affect WhiteFiber's NC-2 and NC-3 carrying costs?

WhiteFiber expects the seller's continued occupancy and partial leaseback arrangements to offset a portion of property carrying costs. The seller will continue occupying portions of the properties while WhiteFiber advances its development plans.