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Sept. 14, 2026 Sphere 3D Corp. d/b/a DarkHorse Technologies (NASDAQ: ANY) is accelerating its transition toward AI infrastructure, high-performance computing (HPC) and energized data centers, positioning its power portfolio around potentially higher-value full-stack AI compute economics.

Recent third-party industry estimates published by Miner Weekly put revenue generated from a megawatt-hour of electricity at approximately $113.45 to $179.13 for current-generation Bitcoin mining, compared with a median of approximately $940.74/MWh for full-stack AI compute across several operators. The analysis calculated Bitdeer Technologies Group (NASDAQ: BTDR) at approximately $1,213/MWh for full-stack AI compute illustrating a potentially significant economic gap between mining and operating AI compute.

The distinction is important. Industry estimates place basic HPC colocation at roughly $175-$200/MWh, meaning the larger potential economics come not simply from leasing power and space, but from full-stack AI compute operations.

Alongside Sphere 3D (NASDAQ: ANY) investors are watching The Elmet Group (NASDAQ: ELMT) Basel Medical (NASDAQ: BMGL), Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) and TeraWulf Inc (NASDAQ: WULF) moving in early trading now.

Sphere’s recent strategic moves appear designed to increase flexibility around the AI opportunity. The company announced a $5 million private placement, priced at $3.00 per unit, with three directors including Chairman Timothy Hanley and CEO Joel Block agreeing to invest a combined $1 million. Sphere also agreed to sell approximately 5,500 legacy mining machines for roughly $3.1 million and is exiting its non-core Iowa site.

Meanwhile, Bitdeer (NASDAQ: BTDR) supplies and owns mining hardware supporting 20 MW of Sphere’s 30 MW contracted under joint mining agreements. Sphere retains control of the power and sites, while termination provisions preserve its potential ability to redeploy capacity toward AI and HPC workloads.

The company’s AI infrastructure strategy is taking shape in Hopkinsville, Kentucky, where Sphere secured an option on approximately 20 acres for a proposed 50 MW data center supported by a proposed 65 MW substation. The project remains subject to required approvals. Following the Iowa disposition, Sphere expects to own and/or operate approximately 50 MW of energized capacity across four Tennessee and Kentucky sites, excluding the proposed new Hopkinsville development and other opportunities.

The emerging DarkHorse strategy is increasingly clear: control energized power, reduce exposure to owned legacy mining hardware, preserve compute flexibility and pursue smaller AI/HPC sites designed for faster deployment. With third-party estimates showing full-stack AI compute economics potentially far exceeding Bitcoin mining and basic colocation, Sphere’s ability to convert energized capacity into higher-value computing workloads could become an important part of the NASDAQ: ANY investment story.

About Sphere 3D

Sphere 3D Corp. d/b/a DarkHorse Technologies (NASDAQ: ANY) is a digital infrastructure company focused on developing and operating energized power and data center infrastructure supporting artificial intelligence, high-performance computing and digital-asset workloads.

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