Hyperscale Data, Inc. (NYSE American: GPUS) turned off every Bitcoin miner at its Michigan data center on September 1, 2026, clearing the facility for a customer's artificial intelligence operations under a contract that could bring in more than $3 billion over its full term.

The initial deal

The company's master services agreement is with a California-based neocloud provider, a term for a cloud-computing company built specifically to rent out AI computing power. The MSA calls for the customer to receive 20 megawatts of capacity at the Michigan facility. The initial term runs 10 years, with two five-year extension options the customer can exercise. If the customer exercises both extensions, Hyperscale Data expects the agreement to generate more than $1.2 billion in revenue.

Room to expand

The MSA also gives the customer the right to an additional 32 megawatts of AI compute capacity. If the customer exercises that option within the first two years of the initial term and then extends through both five-year options, Hyperscale Data expects total contract revenue to exceed $3.0 billion.

Why the miners went dark

Hyperscale Data said the shutdown followed the customer's inspection of the facility and the company's continued work on engineering design and equipment procurement there. The two sides agreed the company would immediately end Bitcoin mining so it could focus the facility's power and infrastructure on preparing it for the customer's use.

Chief executive William Horne said the shutdown lets the team concentrate on that preparation. He said he expects the company's market capitalization, which he said trades at a discount to other data center companies, to move closer in line with its contracted power capacity as the buildout continues. Horne cited VanEck's head of digital asset research, who said earlier this year that Bitcoin miners able to repurpose sites for AI were "sitting on a gold mine."

The bigger site

Even if the customer takes the full 20 megawatts plus the additional 32 megawatts for the maximum term, Hyperscale Data estimates that would use no more than about 20% of the roughly 340 megawatts of power capacity it ultimately expects to have available at the facility. That would leave about 80% of the planned capacity open for other customers and future AI data center expansion.

Hyperscale Data also expects to book additional gains from its planned sale of the Bitcoin mining servers it has taken out of service at the site.