Hyperscale Data investor Ault holds 65.9% of Class A

Q: How much of Hyperscale Data (GPUS) does Ault & Company beneficially own?

Ault & Company beneficially owns 317,418,715 Class A shares on an as-converted basis, representing 65.7% of Hyperscale Data’s Class A common stock, based on 168,217,650 Class A shares outstanding as of September 4, 2026.

Q: What is Milton C. Ault III’s beneficial ownership in GPUS?

Milton C. Ault III beneficially owns 318,429,036 Class A shares on an as-converted basis, or 65.9% of the Class A common stock. This includes his direct holdings, options and Class B shares, plus the shares beneficially owned by Ault & Company.

Q: How are the preferred shares of GPUS converted into Class A common stock?

Each share of Series C, G and H Convertible Preferred Stock has a stated value of $1,000 and is convertible into Class A common at the greater of $0.10 per share or 105% of the 10-day volume weighted average price; calculations here use a $0.1763 conversion price.

Ault & Company and Milton C. Ault III disclose majority as-converted ownership of Hyperscale Data’s Class A shares, but hold about 15% of total voting power across all classes.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

SCHEDULE 13D/A

Rhea-AI Filing Summary

Hyperscale Data, Inc. (GPUS) reports that Ault & Company, Inc. beneficially owns 317,418,715 Class A shares on an as-converted basis, or 65.7% of the Class A common stock, while Milton C. Ault III beneficially owns 318,429,036 Class A shares, or 65.9%.

These interests include Class A and Class B common stock, Series C, G and H Convertible Preferred Stock, and warrants, all calculated using a $0.1763 conversion price for the preferred. Based on all voting securities outstanding as of September 4, 2026, Ault & Company and Mr. Ault hold 15.27% and 15.62% of total voting power. Senior officers Horne, Nisser and Cragun each beneficially own less than 1% of the Class A shares, including stock options with a $3.60 strike price that began vesting on May 6, 2026.

Filing Explained

The amendment clarifies that the reported stock options have a $3.60 strike price and expire on July 30, 2035: 50% became exercisable on May 6, 2026, while the remaining 50% vests in equal monthly increments over 24 months beginning June 1, 2026.

Key Figures

Beneficial ownership – Ault & Company: 317,418,715 Class A shares (65.7%) Beneficial ownership – Milton C. Ault III: 318,429,036 Class A shares (65.9%) Class A shares outstanding: 168,217,650 shares +5 more

8 metrics

Beneficial ownership – Ault & Company 317,418,715 Class A shares (65.7%) As-converted Class A ownership based on 168,217,650 Class A shares outstanding as of September 4, 2026

Beneficial ownership – Milton C. Ault III 318,429,036 Class A shares (65.9%) As-converted Class A ownership including Ault & Company holdings

Class A shares outstanding 168,217,650 shares Class A common shares outstanding as of September 4, 2026

Total voting power – Ault & Company 15.27% Percentage of total voting power across all voting securities

Total voting power – Milton C. Ault III 15.62% Percentage of total voting power across all voting securities

Conversion price used for preferred stock $0.1763 per Class A share Price used to calculate Class A shares issuable from Series C, G and H preferred

Stated value per preferred share $1,000 per share Series C, G and H Convertible Preferred Stock

Officer stock option strike price $3.60 per share Options for Ault, Horne, Nisser and Cragun expiring July 30, 2035

Key Terms

beneficially owned, Series C Convertible Preferred Stock, sole voting power, shared dispositive power, +2 more

6 terms

beneficially owned financial

"The aggregate purchase price of the 759,700 Class A Shares beneficially owned by Mr. Ault"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Series C Convertible Preferred Stock financial

"50,000 shares of Series C Convertible Preferred Stock owned directly by Ault & Company"

Series C convertible preferred stock is a class of investment shares issued in a later private financing round that combine safety and upside: they usually pay ahead of ordinary shares if a company pays dividends or is sold, but can be converted into common stock to share in future growth. For investors this acts like a VIP ticket with a safety net—offering priority protection while preserving the option to participate in a successful exit.

sole voting power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: | 7 | Sole Voting Power"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

shared dispositive power financial

"4 | Shared Dispositive Power 317,418,715.00"

conversion price financial

"is convertible into shares of Class A Common Stock at a conversion price equal to the greater"

The conversion price is the fixed price at which a convertible security, like a bond or preferred stock, can be exchanged for shares of common stock. It acts like a set rate that determines how many shares an investor can receive if they choose to convert their investment. This helps investors understand the value and potential benefits of converting their securities into company shares.

volume weighted average price financial

"105% of the volume weighted average price of the Class A Common Stock"

The volume weighted average price (VWAP) is a way to measure the average price of a security, such as a stock, over a specific period, taking into account how many units were traded at each price. It’s similar to calculating the average cost of items bought when some are more frequently purchased than others. Investors use VWAP to assess whether a security is being bought or sold at a fair price during trading.

FAQ

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

How much of Hyperscale Data (GPUS) does Ault & Company beneficially own?

Ault & Company beneficially owns 317,418,715 Class A shares on an as-converted basis, representing 65.7% of Hyperscale Data’s Class A common stock, based on 168,217,650 Class A shares outstanding as of September 4, 2026.

What is Milton C. Ault III’s beneficial ownership in GPUS?

Milton C. Ault III beneficially owns 318,429,036 Class A shares on an as-converted basis, or 65.9% of the Class A common stock. This includes his direct holdings, options and Class B shares, plus the shares beneficially owned by Ault & Company.

What is the total voting power of Ault & Company and Milton Ault in Hyperscale Data?

Based on all voting securities outstanding as of September 4, 2026, Ault & Company’s holdings represent 15.27% of Hyperscale Data’s total voting power, and Milton C. Ault III’s holdings represent 15.62% of total voting power.

How are the preferred shares of GPUS converted into Class A common stock?

Each share of Series C, G and H Convertible Preferred Stock has a stated value of $1,000 and is convertible into Class A common at the greater of $0.10 per share or 105% of the 10-day volume weighted average price; calculations here use a $0.1763 conversion price.

How many GPUS shares can Ault & Company’s preferred holdings convert into?

Ault & Company’s preferred holdings are currently convertible into 283,607,486 Class A shares from 50,000 Series C shares, 5,445,264 from 960 Series G shares, and 22,688,599 from 4,000 Series H shares, based on a $0.1763 conversion price.

What equity incentives do Hyperscale Data officers hold?

Messrs. Ault, Horne, Nisser and Cragun hold options to purchase 400,000, 400,000, 300,000 and 200,000 Class A shares, respectively, at a $3.60 strike price, expiring July 30, 2035. Half vested on May 6, 2026, with the remainder vesting monthly over 24 months from June 1, 2026.

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

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Available on EDGAR 09/09/2026 - 05:30 PM Accepted by SEC EDGAR 09/09/2026 - 05:29 PM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 18)

Hyperscale Data, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.001 per share

(Title of Class of Securities)

09175M879

(CUSIP Number)

Milton C. Ault, III
c/o Ault & Company, Inc., 11411 Southern Highlands Pkwy, Suite 190
Las Vegas, NV, 89141
949-444-5464

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/04/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Class A Common Stock, par value $0.001 per share

(b)

Name of Issuer:

Hyperscale Data, Inc.

(c)

Address of Issuer's Principal Executive Offices:

11411 SOUTHERN HIGHLANDS PARKWAY, SUITE 190, LAS VEGAS, NEVADA , 89141.

Item 1 Comment:

This Amendment No. 18 ("Amendment No. 18") amends the statement on Schedule 13D originally filed by the Reporting Persons on October 12, 2021, as amended (the "Schedule 13D"), and relates to the Class A Shares Common Stock of HYPERSCALE DATA, INC. Except as specifically provided herein, this Amendment No. 18 does not modify any of the information previously reported in the Schedule 13D. Unless otherwise indicated, each capitalized term used but not defined in this Amendment No. 18 shall have the meaning assigned to such term in the Schedule 13D.

Item 3.

Source and Amount of Funds or Other Consideration

Item 3 is hereby amended and restated to read as follows: The aggregate purchase price of the 759,700 Class A Shares beneficially owned by Mr. Ault that were purchased directly by Mr. Ault with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases is approximately $417,675, including brokerage commissions. The aggregate purchase price of the 300,000 Class A Shares beneficially owned by Mr. Horne that were purchased directly by Mr. Horne with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases is approximately $84,983, including brokerage commissions. The aggregate purchase price of the 250,000 Class A Shares beneficially owned by Mr. Nisser that were purchased directly by Mr. Nisser with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases is approximately $46,779, including brokerage commissions. The aggregate purchase price of the 100,000 Class A Shares beneficially owned by Mr. Cragun that were purchased directly by Mr. Cragun with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases is approximately $18,654, including brokerage commissions. The Class B Shares owned by the Reporting Persons were issued as stock dividends by the Issuer. The aggregate purchase price of the 2,613,692 Class A Shares beneficially owned by Ault & Company that were purchased directly by Ault & Company with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases is approximately $3,631,555, including brokerage commissions. The purchase price of the 50,000 shares of Series C Convertible Preferred Stock owned directly by Ault & Company, which are currently convertible into 283,607,486 Class A Shares, and warrants owned directly by Ault & Company, which are currently exercisable (or are exercisable within 60 days) into 84,470 Class A Shares, is $50,000,000. The purchase price of the 960 shares of Series G Convertible Preferred Stock owned directly by Ault & Company, which are currently convertible into 5,445,264 Class A Shares, and warrants owned directly by Ault & Company, which are currently exercisable into 32,444 Class A Shares, is $960,000. The purchase price of the 4,000 shares of Series H Convertible Preferred Stock owned directly by Ault & Company, which are currently convertible into 22,688,599 Class A Shares is $4,000,000. The remaining warrants owned directly by Ault & Company, which are currently exercisable into 10,899 Class A Shares, were issued in connection with a senior secured convertible promissory note in the principal face amount of $17.5 million, which was sold to Ault & Company by the Issuer, for $17.5 million (the "Senior Note"). The Senior Note was subsequently repaid. Messrs. Ault, Horne, Nisser and Cragun have been awarded stock options to purchase 400,000, 400,000, 300,000 and 200,000 Class A Shares, respectively, in their capacity as an officer of the Issuer, which have a strike price of $3.60 per share, expire on July 30, 2035. Fifty percent (50%) of these options vested and became exercisable on the date that receipt of approval of the option grants by the Issuer's stockholders and the NYSE American. Stockholder approval was obtained on April 10, 2026 and approval from the NYSE American was obtained on May 6, 2026, so May 6, 2026 was the date that these options vested and became exercisable. The remaining 50% vest in equal monthly increments over 24 months beginning June 1, 2026.

Item 5.

Interest in Securities of the Issuer

(a)

Item 5(a) is hereby amended and restated as follows: The aggregate percentage of Shares reported beneficially owned by the Reporting Person is based upon (i) 168,217,650 Shares outstanding as of September 4, 2026, which is the total number of Shares outstanding as reported by the Issuer to the Reporting Persons, (ii) solely with respect to Messrs. Ault and Horne, 250,000 Shares underlying certain options held by him that are currently exercisable or become exercisable within 60 days, (iii) solely with respect to Mr. Nisser, 187,500 Shares underlying certain options held by him that are currently exercisable or become exercisable within 60 days and (iv) solely with respect to Mr. Cragun, 125,000 Shares underlying certain options held by him that are currently exercisable or become exercisable within 60 days. Based on the 168,217,650 Class A Shares, 4,774,348 Class B Shares, 3,000 shares of Series B Preferred Stock, 50,000 shares of Series C Convertible Preferred Stock, 960 shares of Series G Convertible Preferred Stock and 4,000 shares of Series H Convertible Preferred Stock outstanding as of September 4, 2026, as reported by the Issuer to the Reporting Persons, which represents all voting securities of the Issuer, Ault & Company and Mr. Ault's beneficial ownership of Shares represents 15.27% and 15.62%, respectively, of the Issuer's total voting power, which differs from the total beneficial ownership on conversion as (i) the Class B Shares are entitled to cast 10 votes for each share, compared to 1 vote for each Class A Share, and (ii) for purposes of complying with NYSE American regulations, the conversion price of the various shares of preferred stock, for purposes of determining the number of votes the holder is entitled to cast, is based on the closing sale price of the Class A Shares on the trading day immediately prior to the date of execution of the applicable securities purchase agreement. As of the date hereof, Ault & Company may be deemed to beneficially own 317,418,715 Class A Shares, consisting of (i) 2,613,692 Class A Shares, (ii) 2,935,861 shares of Class A Shares issuable upon conversion of 2,935,861 Class B Shares, (iii) 283,607,486 Class A Shares issuable upon conversion of 50,000 shares of Series C Convertible Preferred Stock, (iv) 5,445,264 Class A Shares issuable upon conversion of 960 shares of Series G Convertible Preferred Stock, (v) 22,688,599 Class A Shares issuable upon conversion of 4,000 shares of Series H Convertible Preferred Stock and (vi) 127,813 Class A Shares issuable upon exercise of outstanding warrants. Each share of Series C Convertible Preferred Stock, Series G Convertible Preferred Stock and Series H Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion. For purposes of this Amendment No. 18, the calculations for the number of Class A Shares issuable upon conversion of the Series C Convertible Preferred Stock, Series G Convertible Preferred Stock and Series H Convertible Preferred Stock are based upon a conversion price of $0.1763. Percentage: 65.7% As of the date hereof, Mr. Ault may be deemed to beneficially own 318,429,036 Class A Shares, consisting of (i) 250,000 Class A Shares issuable upon exercise of stock options that are currently exercisable or exercisable within 60 days, (ii) 759,700 Class A Shares beneficially owned directly (iii) 621 Class A Share issuable upon conversion of 621 Class B Shares beneficially owned directly and (iv) the 317,418,715 Class A Shares beneficially owned by Ault & Company, that, as the Chief Executive Officer and Chairman of A&C, Mr. Ault may be deemed to beneficially own. Percentage: 65.9% As of the date hereof, Mr. Horne beneficially owned 550,000 Class A Shares, consisting of (i) 250,000 Class A Shares issuable upon exercise of stock options that are currently exercisable or exercisable within 60 days and (ii) 300,000 Class A Shares. Percentage: Less than 1% As of the date hereof, Mr. Nisser beneficially owned 437,500 Class A Shares, consisting of (i) 187,500 Class A Shares issuable upon exercise of stock options that are currently exercisable or exercisable within 60 days and (ii) 250,000 Class A Shares. Percentage: Less than 1% As of the date hereof, Mr. Cragun beneficially owned 225,000 Class A Shares, consisting of (i) 125,000 Class A Shares issuable upon exercise of stock options that are currently exercisable or exercisable within 60 days and (ii) 100,000 Class A Shares. Percentage: Less than 1%

(b)

Item 5(b) is hereby amended and restated as follows: Ault & Company: 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 317,418,715 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 317,418,715 Mr. Ault: 1. Sole power to vote or direct vote: 1,010,321 2. Shared power to vote or direct vote: 317,418,715 3. Sole power to dispose or direct the disposition: 1,010,321 4. Shared power to dispose or direct the disposition: 317,418,715 Mr. Horne: 1. Sole power to vote or direct vote: 550,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 550,000 4. Shared power to dispose or direct the disposition: 0 Mr. Nisser: 1. Sole power to vote or direct vote: 437,500 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 437,500 4. Shared power to dispose or direct the disposition: 0 Mr. Cragun: 1. Sole power to vote or direct vote: 225,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 225,000 4. Shared power to dispose or direct the disposition: 0

(c)

Item 5(c) is hereby amended and restated as follows: None of the Reporting Persons have engaged in any transactions in the Shares during the past sixty days except as set forth in Exhibit 1 hereto.

Item 7.

Material to be Filed as Exhibits.

Exhibit 1 - Transactions in Securities of the Issuer Since the Filing of Amendment No. 17

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ault & Company, Inc.

Signature:	/s/ Milton C. Ault, III
Name/Title:	Milton C. Ault, III, Chief Executive Officer
Date:	09/09/2026

AULT MILTON C III

Signature:	/s/ Milton C. Ault, III
Name/Title:	Milton C. Ault, III
Date:	09/09/2026

HORNE WILLIAM B

Signature:	/s/ William B. Horne
Name/Title:	William B. Horne
Date:	09/09/2026

NISSER HENRY CARL

Signature:	/s/ Henry C. Nisser
Name/Title:	Henry C. Nisser
Date:	09/09/2026

CRAGUN KENNETH S

Signature:	/s/ Kenneth S. Cragun
Name/Title:	Kenneth S. Cragun
Date:	09/09/2026

Source: View Original Filing on SEC EDGAR

Hyperscale Data investor Ault holds 65.9% of Class A

Rhea-AI Filing Summary

Positive

Negative