By the end of 2025 and the first half of 2026, as other sectors (some overvalued growth, cyclical, purely narrative themes) fade, while AI Capex continues to be revised upward beyond expectations, and semiconductor and data center-related stocks significantly outperform, a real market consensus will form — "AI is no longer just one of the themes but has become the absolute main line in global capital markets." With research on undervalued AI companies in the US stock market, Axe Compute has become a focus for us this year. Recently, on July 22, the announcement of an additional $1.3 billion contract for AI computing power greatly strengthened our confidence in investing in Axe. If the contract can be implemented smoothly, and the data can truly reflect in the financial statements, we believe that "Axe Compute, currently valued at less than $100 million, could become the most undervalued GPU compute entry point in the US stock market."

1. A Glorious Transformation from Pharmaceuticals to AI Computing Power

Before its name change in December 2025, Axe Compute was formerly known as Predictive Oncology Inc. (NASDAQ: POAI), a typical micro-cap biopharma company on the US stock market. As a typical "small-cap biotech stock," POAI's performance in the pharmaceutical stage was mediocre: revenue remained at several hundred thousand dollars for a long time, with continuous losses, and market capitalization lingered in the tens of millions of dollars for years, attracting little attention from capital markets.

In September 2025, the company suddenly launched the Strategic Compute Reserve, clearly centering around the Aethir native utility token (ATH), continuing the narrative of a Crypto Treasury strategy and implying that the company would shift towards AI narratives and computing power business.

In October 2025, the company completed two simultaneous PIPE financings totaling $343.5 million, combining $50.8 million in cash and $292.7 million in nominal value of ATH in a mixed financing approach. Through this financing, the company transformed its balance sheet from negative equity to positive earnings of $47.7 million, acquiring 6.348 billion ATH tokens, officially creating a deep binding between the company and the Aethir network, which can derive a capital operational model combined with the AI computing narrative and treasury company. From then on, the company came into focus.

On December 11-12, 2025, the company underwent brand reshaping, changing its name from Predictive Oncology Inc. to Axe Compute Inc., and its ticker from POAI to AGPU, continuing trading on Nasdaq.

With the end of the first quarter of 2026, Axe Compute officially began operating as a new cloud service provider, signaling a complete transformation to the financial market with Aethir being a major shareholder:

On February 9, Charles L. Nuzum was appointed as chairman, Christopher Miglino (who previously participated in the ATH transaction structure design) was officially appointed as CEO, and by March, the board of directors was reorganized with Kyle Okamoto (former Aethir CTO/GM) taking on the role of President.

On April 1, the company completed enterprise-level commercial access to the Aethir distributed GPU network (over 400,000 GPU containers, 200+ locations, 93 countries), signing the first batch of contracts worth approximately $12 million. The contracts mainly pertain to the Immediate Access Program, contributing approximately $835,000/month in expected revenue, with payment structured as prepayment + monthly prepayment, and the company has begun to generate a small amount of compute revenue (recognizing approximately $7,000 in Q1).

On April 22, 2026, the company disclosed a $260 million B300 exclusive cluster contract (the first order of the Build Program), with core terms: a 36-month take-or-pay agreement, delivering 2,304 NVIDIA B300 GPUs + AI high-speed storage (US Tier-3 data center, 4.8 MW dedicated power). This structured deposit + prepayment + monthly prepayment is expected to generate approximately $21 million per quarter once it goes live in Q3 2026.

On May 27, 2026: the company confirmed the receipt of a $43 million initial payment for the B300 contract, marking the first real contract cash milestone and confirming that the Build model has been launched as planned, with hardware procurement and deployment underway.

On June 16, 2026: the company finalized a $25.9 million long-term deployment contract for Blackwell / Grace Blackwell (12 months + 24 months, renewable), of which $12.9 million has been prepaid.

On July 22, 2026: the company announced an additional $1.3 billion customer contract for AI infrastructure, based on five-year terms with options for renewal, requiring a substantial upfront payment, along with clauses for continuous upgrade of GPUs as new generations are released. Revenue is expected to start materializing toward the end of the fourth quarter of 2026, with the upfront payment set to be made in the third quarter of 2026, at which point annual recurring revenue (ARR) is expected to exceed $384 million. This $1.3 billion large order should mark the starting point for the market to truly re-evaluate Axe.

2. Multiple AI Computing Solutions and the Highly Flexible “Coreweave”: Dissecting Axe's Business Model

Axe Compute Inc. is a technology company primarily providing high-performance computing infrastructure for artificial intelligence (AI) workloads. By sourcing large-scale GPU capacity from hardware manufacturers and infrastructure providers, it then deploys through long-term service agreements to enterprise clients; services include hardware procurement, data center hosting, networking, storage, and financing. Axe also retains its tumor drug development solutions business, but it is currently not the company's main operation.

1. Axe's Business is Divided into Two Product Lines

(1) Immediate Access Program

Targeting clients who need rapid deployment and flexible scaling. Relying on the existing GPU inventory of the Aethir distributed network, deployment can be completed in as fast as 48 hours, covering over 200 global nodes. Suitable for inference, fine-tuning, small to medium-scale training scenarios, with payments based on reserved capacity on a monthly basis.

(2) Build Program / AI Factory

Targeting ultra-large-scale, long-cycle dedicated computing power needs. Axe is responsible for overall architecture design, data center site selection and power negotiations, hardware financing arrangements, and the final enterprise-level SLA (Service Level Agreement) operation, following a "design-deploy-own-operate" model.

The $260 million three-year large contract landed in April 2026 is a landmark case for this model. The company plans to procure a dedicated cluster made up of 2,304 NVIDIA B300 graphic cards and high-speed storage infrastructure for AI from a Tier 3 data center facility in the US, equipped with 4.8 megawatts of dedicated redundant power, with client-specified deployment locations and service standards. Deployment is planned to be completed in Q3 2026. A structured payment arrangement has already brought in the first tranche of $43 million. During the 36-month service term, the company anticipates recognizing approximately $21 million in revenue each quarter.

In June 2026, the company signed a $25.9 million long-term deployment contract for Blackwell and Grace Blackwell, covering both inference infrastructure and simulation platforms. $12.9 million has already been paid in advance.

In July 2026, the Build business line secured an additional long-term contract for AI infrastructure worth over $1.3 billion across the US and Europe, significantly exceeding the annual target of $1 billion in contracts. Project prepayments are expected to arrive in Q3 2026, with formal confirmation of recurring revenue starting from the end of Q4 2026. Once the entire cluster is in stable operations, the corresponding annual recurring revenue will surpass $384 million. The company's management indicated strong current market demand and related revenues are expected to be included in the 2027 annual recurring revenue, continuously opening up medium to long-term growth space.

2. A New Understanding of Axe's Build Computing Business

The best comparison is Coreweave, one a centralized training leader, the other a new global mixed computing force:

CoreWeave follows a heavy asset, centralized, deep-focused training scenario path, operating 49 large AI data centers across North America and Europe, with about 250,000 high-end GPUs, relying on InfiniBand high-speed interconnects and Kubernetes-native orchestration to create single-room clusters for training at tens of thousands of cards. The ultimate performance of ultra-large-scale distributed training suits top AI laboratories like OpenAI, Meta, and Microsoft for training hundreds of billions of parameters. After going public on Nasdaq in March 2025, CoreWeave received a $2 billion strategic investment from NVIDIA in January 2026, and has become a benchmark enterprise for dedicated AI compute cloud (Neo-Cloud). However, due to its data centers being concentrated in North America and Europe, the cross-continental latency of 80–150 milliseconds, combined with compliance requirements for data residency from various countries, has kept CoreWeave out of substantial markets in the Asia-Pacific, Middle East, and Latin America.

Axe Compute, on the other hand, follows a mixed, distributed, globally covering approach. On one hand, it integrates global third-party data center resources relying on the Aethir distributed computing network, deploying over 200 computing nodes across 93 countries, providing a total of over 435,000 GPU computing access. On the other hand, it is vigorously expanding a $1 billion+ asset-centered new cloud business. This allows it to tap into the large-scale customized computing market, serving all types of GPU buyers and AI companies.

3. Financial Analysis

Axe Compute's financial performance for the first quarter ended March 31, 2026

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As of March 31, 2026, the company held $6.9 million in cash and cash equivalents, $20.2 million in ATH digital asset holdings (approximately 2.83 billion tokens), and $9.4 million in current digital asset receivables, totaling a liquidity pool of approximately $36.5 million. The management believes this is sufficient to support the company's operations through fiscal year 2026 and beyond.

In the first quarter of 2026, revenue was $35,000, compared to $110,000 in the first quarter of 2025. The sales in the first quarter of 2026 primarily came from the traditional drug discovery services sector, with the computing services sector contributing only $7,000. According to the company, the $43 million initial payment for the B300 large order was received in May, and a long-term contract for $25.9 million for the Blackwell series was added in June, both of which have yet to be reflected as revenue in the profit and loss statement.

Once the $260 million exclusive cluster goes live in the third quarter, the company could recognize approximately $21 million in computing revenue in just that quarter, equivalent to 600 times the total revenue for Q1. Assuming the $1.3 billion order goes live in the fourth quarter, quarterly revenue could further increase by $65 million to $86 million, representing over 400% quarter-on-quarter growth. The company is at a critical point of transition from tens of thousands in quarterly revenue to hundreds of millions in quarterly revenue, and the current market pricing still does not fully reflect this certainty of tiered revenue growth.

The net loss for the first quarter of 2026 was $7.7 million. The net loss includes a non-cash mark-to-market loss of $4.3 million related to the company's ATH digital asset holdings. As of March 31, 2026, accounts receivable were $659,000, up from $32,000 on December 31, 2025. Accounts receivable and contract liabilities both increased significantly, reflecting the monthly prepayments required from Compute Services clients after the project goes live by the end of the first quarter.

Christopher Miglino, CEO of Axe Compute, stated, "Our goal this year is to sign contracts worth $1 billion, and the contracts finalized in July have put us far beyond this goal... We believe it's not unattainable to sign an additional $2 billion worth of contracts this year, which will help enhance next year's annual recurring revenue (ARR)." Combined with his public remarks from the first half of this year, Axe Compute currently has potential business orders exceeding $4 billion and has signed contracts worth over $1 billion, with a target of signing contracts worth $3 billion in total this year.

4. Valuation Analysis

• Model 1: FY2026E Forward Price/Sales (P/S)

Annual revenue estimate

The following are confirmed orders officially released by the company, based on which the certain revenue for FY2026 can be calculated to be approximately $125 million.

Three Wall Street analysts predict AGPU's revenue in 2026 to average $163,935,524, with the lowest forecast at $157,505,455 and the highest at $168,752,872. By 2027, these figures reach $254,372,663, with the lowest forecast at $244,405,017 and the highest at $261,853,600. Currently, based on confirmed revenue, we conservatively estimate approximately $125 million.

CoreWeave's Forward P/S is about 3.88 times, and Axe Compute's actual confirmed revenue for 2026 is approximately $125 million, with a total share capital of 11.385 million, and a current price of $6.85.

Axe market value = $125 million × 3.88 = $485 million

Corresponding stock price: $485 million ÷ 11.385 million shares ≈ $42.60/share

Relative current price increase multiple: $42.60 ÷ $6.85 ≈ 6.21 times

• Model 2: P/ARR (Long-term Scenario Estimate)

P/ARR (Annual Recurring Revenue) is a commonly used steady-state valuation metric in the computing infrastructure industry, suitable for business models centered around long-term locked-in computing power contracts, which better reflects the intrinsic value of stable cash flows over the long term. The reference for this industry leader CoreWeave has a P/ARR valuation central of about 2.4x in July 2026, as a fair pricing benchmark for mature computing service providers.

As of now, the company's entire ongoing Build business long-term orders indicate a forward steady-state annual recurring revenue (ARR) of $384 million.

Axe's forward reasonable total market value = $384 million × 2.4 = $921.6 million

Corresponding target stock price = $921.6 million ÷ 11.385 million shares ≈ $80.94/share

Relative to the current price, the upside potential is: $80.94 ÷ $6.85 ≈ 11.8 times

Comprehensive calculations suggest that Axe's stock price has 6–11 times upside potential, currently being significantly undervalued by the market. The above calculations do not account for valuation discounts based on the differences in business scale and maturity between the two companies, suggesting that the actual reasonable valuation midpoint may face downward adjustment.

From a horizontal comparison with peers, AGPU's current market pricing shows a significant mismatch with its business scale and growth potential. To date, the company's market capitalization is only about $8 million, while based on long-term contracts already in place, its guided ARR has reached $384 million, corresponding to a P/ARR of only 0.2 times. In contrast, peers Nebius, CoreWeave, IREN, and WhiteFiber have P/S on ARR of 6.9 times, 2.4 times, 4.0 times, and 10.4 times, respectively. Even considering AGPU is still in the early stages of commercialization, with the revenue recognition rhythm not yet fully released, its valuation level remains well below the industry average. With the exclusive B300 cluster and subsequent contracts exceeding $1 billion gradually contributing revenue in the second half of 2026, the ARR is expected to rapidly materialize next year, and the currently extremely low valuation multiples provide significant safety margins and flexibility for investors.

3. Capital Model Design of AI x Crypto: The “Compute + Treasury” Dual-Drive Model

In addition to the expected impressive data from the Compute business, AGPU also features a highly imaginative flywheel model, namely the ATH Treasury strategy, which differs from simply hoarding coins like BTC and ETH treasury companies. ATH is embedded within a business entity that generates positive cash flow. Compute orders directly drive ATH demand and settlement, while Treasury appreciation feeds back into Compute expansion, with both mutually causative and resonating, forming a self-reinforcing positive flywheel.

1. What are ATH and Aethir?

The Aethir network is a decentralized physical infrastructure network developed by the Panama Foundation Company DCI Foundation (referred to as “DCI”). The Aethir network aggregates enterprise-level GPUs contributed by independent data centers, enterprises, and other hardware owners into a globally distributed network. This network aims to provide instant GPU computing resources for AI training and inference, cloud gaming, and other virtualization computing workloads, often at a lower price than centralized cloud providers. Within the network, three roles ensure the availability, applicability, and quality of computing resources: “containers,” which actually execute computations; “verifiers,” which test and monitor containers to validate their integrity and performance; and “indexers,” which match users of computing resources with appropriate containers. Buyers of computing resources utilize the network's computational resources.

ATH, as an agent unit of GPU computing power, is the transaction medium and incentive unit for participants in the Aethir network. To become a provider of computing resources, network participants must acquire ATH and stake it as collateral in order to contribute GPU resources and gain the qualifications for processing computing requests. After computing resources are delivered and verified, ATH flows from the users of the computing resources to the resource providers as payment and rewards. Resource providers earn ATH through “proof of capacity” rewards (to maintain availability and readiness) and “proof of delivery” rewards (for completing workloads), along with service fees paid by users of computing resources. Service providers can re-stake, hold, lend, or sell the received ATH. Aethir's treasury is responsible for managing protocol fees and distributing ATH for protocol development, while the blockchain settlement layer is responsible for recording transactions and facilitating ATH transfers.

2. Capital Design of Axe and ATH

The capital structure of the ATH Treasury is not a simple “buy and hoard coins,” but rather, through a two-layer design, creates a deep binding between Axe Compute’s business entity and the Aethir (ATH) ecosystem, forming a business-capital-token trinity closed loop. The core advantage of this design is that each Compute order landing will convert into incremental ATH demand and value capture in the future, rather than relying solely on external market liquidity and sentiment like traditional treasury companies.

(1) Axe's Access business is built on the Aethir network

The Access model (Immediate Access) is the core of AGPU's light asset expansion, and its underlying is entirely reliant on the Aethir distributed GPU network (over 400,000 GPU containers, 200+ locations, covering 93 countries). After customers place orders through AGPU's Access platform, the computing tasks directly enter the Aethir network for execution. Every invocation of the order will consume or stake ATH, creating real demand.

Every Access order = directly driving ATH demand + generating positive cash flow (pre-revenue). This design makes AGPU's Access business a “natural demand engine for ATH.” Linking business growth with ATH pricing — the more orders, the more ATH consumption/staking, the stronger the price support.

(2) Axe's Treasury Strategy: Holding ATH to Form Strategic Reserves

AGPU's Treasury strategy is an upgraded version of BTC/ETH treasuries, where companies like MicroStrategy passively hold BTC as "digital gold," relying on external Bitcoin halving and market cycles without internal cash flow support. AGPU's ATH is “embedded” within a Compute business that generates positive cash flow. ATH is not just a reserve, and the Aethir network operates on ATH for staking and settlement, while Axe's Access business runs on it, naturally forming a closed loop.

3. How the Positive Flywheel of AGPU and ATH Operates

(1) The Business Flywheel of AGPU and ATH: The “Order-Demand-Appreciation” Cycle Driven by Access Mode

Order fulfillment, growth in access orders — increased ATH demand — intrinsic appreciation of ATH — expanding Axe's balance sheet — AGPU appreciation — acquiring more AI computing power orders

(2) The Capital Flywheel of AGPU and ATH: The “Performance-Funds-Accumulation” Cycle Driven by Treasury Appreciation

Order fulfillment — improved company performance, increased available funds — purchasing ATH, expanding ATH holdings — external appreciation of ATH — expanding Axe's balance sheet — AGPU appreciation — acquiring more AI computing power orders

The business flywheel provides inherent demand and cash flow (Access orders directly feed ATH demand). The capital flywheel provides leveraged appreciation and asset expansion (Treasury accumulation amplifying the ATH price effect), forming two deeply nested driving models — performance and ATH price jointly drive AGPU price increases and performance expansion. This model may become a new paradigm for the "AI x Crypto" capital model.

4. Potential Risk Variables for Axe

The story of Axe Compute (AGPU) is highly imaginative, and current market pricing does not reflect optimistic expectations for future contract fulfillment and ATH reserve value. However, like any high-elasticity growth target, the narrative leads financial realization, with valuations based more on future GPU contract delivery and ATH price performance rather than confirmed revenue and profits. Historical revenue remains at an extremely low base, and the true conversion of large orders and verification of financial reports will still take time. The following are the main risk variables that investors need to assess cautiously.

1. Contract Execution and Delivery Risks

The Build Program is key to AGPU’s transition from light asset Access to semi-heavy asset customized clusters. The $260 million B300 exclusive cluster (expected to generate approximately $21 million per quarter after it goes live in Q3 2026) and subsequent $1.3 billion global customer contracts have been signed. However, execution risks remain regarding hardware procurement, data center coordination, power deployment, and enterprise-level SLA delivery. If the project cannot go live on time or if customer acceptance is delayed, revenue recognition will be postponed, affecting cash flow and market confidence.

2. Revenue Conversion and Financial Report Verification Risks

In Q1 2026, revenue was only $35,000 (with minimal contribution from Compute Services), while nearly $1.6 billion in signed orders have yet to be significantly converted to revenue. Wall Street analysts expect average revenue of about $164 million in 2026, but these predictions contain assumptions for conversions in the second half of the year. If order fulfillment is slower than expected, actual revenues may fall significantly below consensus. Non-cash mark-to-market losses of ATH will continue to fluctuate, and increases in accounts receivable and contract liabilities also reflect potential bad debt risks under a prepayment model.

3. Macroeconomic and Market Valuation Risks

If AI Capex is adjusted due to economic slowdown or technical iterations, order demand may be affected; tighter GPU supply, energy costs, and data center compliance requirements may all increase execution costs. Forward P/S and P/ARR calculations are both based on the assumption that financial data can be realized; the actual reasonable valuation midpoint may experience discounts due to differences in scale and maturity, with the current high elasticity also meaning amplified volatility.

Overall, the story of Axe Compute is leading financial realization, and the timing of revenue recognition and the next quarterly or semi-annual financial report will be key verification windows. The above risk variables are not exhaustive; investors should conduct their own due diligence, fully understand related risks, and make independent decisions based on their risk tolerance.

In summary: AGPU has completed a stunning transformation from traditional biotechnology to AI GPU Compute entry in less than a year, covering a hybrid AI computing solution that includes light asset “Access mode” and large-scale cluster construction and leasing “Build mode,” and achieving an astonishing $1.6 billion in contract data. Coupled with the “Compute + Treasury” dual-drive model, combined with business models, asset reserves, and valuatons that are not priced in, relative to the current stock price, AGPU has 6–11 times growth potential and is a high-elastic target that deserves close attention in the tide of AI computing assetization.

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