Confirmed 13 Nov 2026 · Compute A one-minute read

Cerebras' landlord put a price on the power: $40 million a year for 15 megawatts.

On November 13 Digi Power X filed third quarter results naming Cerebras as the tenant of its 40 megawatt Alabama campus. Caveat: only the first 15 megawatts are committed, and the rest depends on financing.

Until now

Cerebras said 700 megawatts under contract, naming no site, price or date.

Now

One counterparty published the rate: about $2.7 million per megawatt per year.

Why it matters

Yesterday Cerebras told the market it has 700 megawatts under contract and named nobody. Today one landlord named itself, priced 40 of those megawatts and fixed the first handover for December 15. A claim you could not check yesterday has a number against it today.

Established

Phase 1 is 15 megawatts at about $40 million a year, for 10 years.
Tenant access is expected December 15, 2026, with billing from January 2027.
Phase 2's 25 megawatts remain conditional, including on adequate financing.

Not established

That Cerebras' other megawatts carry this rate. No other site is public.
That Phase 2 happens. The Goldman Sachs facility has not closed.
What Cerebras pays elsewhere. Only this one agreement is disclosed.

The five-minute readThe record, the timeline, the weight and 4 sources

The record

Digi Power X Inc., listed on Nasdaq as DGXX and on Cboe Canada as DGX, filed a Form 8-K on November 13, accepted at 12:45 Universal Time, with its third quarter release as Exhibit 99.1. We read the exhibit at sec.gov. The release carries the dateline "MIAMI, FL - November 13, 2026". It states that "The Company's ten-year take-or-pay colocation agreement with Cerebras, its AI colocation tenant" at Columbiana, Alabama "is expected to provide annual fees for Phase 1 (15 MW) averaging approximately $40 million per year over the ten-year term, for an approximate aggregate total of $402 million." Phase 2, 25 megawatts, "would add approximately $58.5 million in annual fees," bringing combined fees to about $107 million a year and total contract value to about $1.07 billion if both phases commence, with an extension option that "could increase the total potential contract value to approximately $2.5 billion." The release says "Phase 2 remains conditional, including on adequate financing." On timing: "The Company expects to provide its tenant with access to the Phase 1 facility on December 15, 2026," with billing from January 2027 after commissioning, and Phase 2 tenant access targeted for March 2027. On debt: a commitment letter from "a major lending institution for US$200 million in debt financing syndicated by Goldman Sachs," closing expected in the fourth quarter of 2026, not yet closed. Quarterly figures: revenue $12.25 million, up 85% on the second quarter; AI revenue $5.66 million, of which GPU rental $2.46 million; Tier III colocation $3.20 million; energy sales $3.29 million; legacy Bitcoin colocation $3.11 million. Net income $1.0 million; GAAP gross loss $2.41 million; cash and digital currencies $119.6 million; no borrowings. Guidance: a $250 million to $300 million annualised revenue run-rate by the end of the third quarter of 2027, about $143 million of it supported by current operations and the Columbiana agreement including conditional Phase 2. Not established: what Cerebras pays at any other site, whether the Goldman facility closes, and the per-kilowatt rate behind the averages.

How it got here

May 4
Digi Power X signs a 10-year colocation and master services agreement with Cerebras for about 40 megawatts at Columbiana, Alabama, worth about $1.1 billion, or $2.5 billion with one 7-year extension. Disclosed in a Form 8-K signed May 8.
Oct 28
American Electric Power tells the market it signed 15 gigawatts of new load in 3 months. Edition 065.
Nov 12
Cerebras reports record revenue of $210.8 million and says it has 700 megawatts of data centre capacity under contract and 2 new hyperscaler customers. It names neither, gives no cost for the power and no date for it coming online. Edition 090.
Nov 12
Nscale discloses that a withdrawn grid connection cost it a $3.22 billion Microsoft statement of work, the same week. Edition 090.
Nov 13
Digi Power X files third quarter results: revenue $12.25 million, AI revenue $5.66 million, Phase 1 at about $40 million a year, tenant access December 15, and a $200 million Goldman Sachs facility not yet closed.

Who has to react

Cerebras, whose 700 megawatt claim now has one public price; the investors who bought Cerebras on that claim; Goldman Sachs and the lenders syndicating $200 million against a single tenant; Alabama Power and the Columbiana grid; the other Bitcoin miners selling the same pivot; Nvidia, whose inference customers Cerebras is bidding for.

What to watch

Would strengthen itDigi Power X confirms Phase 1 tenant access on or about December 15, 2026, or reports Columbiana colocation revenue in its fourth quarter results, by March 31, 2027.
Would weaken itThe December 15, 2026 access date slips, or the $200 million Goldman Sachs facility does not close by March 31, 2027, or Phase 2 is abandoned.
Would strengthen itCerebras names other capacity counterparties at rates materially different from $2.7 million per megawatt per year, by September 30, 2027.

Why it weighs this much

Signal strength

CostMedium

CommitmentHigh

ReversibilityLow

PersistenceDecade

Cost is medium for the discloser. Naming a tenant and a rate in a filing costs nothing in cash, but it binds the company to numbers the Securities and Exchange Commission can hold it to, and to a handover date 32 days away. Commitment is high: a signed 10-year take-or-pay with prepaid construction payments on both phases, now restated in a quarterly release. Reversibility is low for Phase 1, which is built and due for handover on December 15, and high for Phase 2, which the release calls conditional on financing. Persistence is a decade, because that is the initial term.

The words

Take-or-pay: A contract where the customer pays the agreed fee whether or not it uses the capacity. It turns a data centre lease into something closer to a bond.
Colocation: Renting space, power and cooling in someone else's building for your own machines. The landlord supplies the shell; the tenant supplies the chips.
Commitment letter: A lender's written offer to provide financing, subject to conditions. It is not money, and the conditions can fail.

Sources

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