{"schema":"sanctity-signal/0.2","record_type":"signal","id":"digipower-cerebras-columbiana-e091","domain":"compute","drop_id":"signal-e091","occurred_at":"2026-11-13","how_to_use":"This is a structured record of one real-world action and its competing interpretations, from Sanctity Signal. To build content from it (a reel script, a blog, a thread): open on the hook, ground the viewer with plain and observed, walk the dated trail, present the interpretations as live tension between named readings, and close on the before/after shift and what_to_watch. Hard rules: items under established are fact; items under unknown are never presented as fact; the evidence status (verified or reported) is stated, not dropped; sources are cited.","actor":"Digi Power X Inc.","action_type":"Disclosure in a Form 8-K that Cerebras is the tenant of a 40 megawatt Alabama campus, with Phase 1 priced at about $40 million a year for 10 years.","observed":"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.","corrections":[],"evidence":{"status":"verified","note":null,"sources":[{"role":"primary","label":"Digi Power X Form 8-K Exhibit 99.1, third quarter 2026 results, filed Nov 13, 2026, accession 0001213900-26-119211","url":"https://www.sec.gov/Archives/edgar/data/1854368/000121390026119211/ea031212101ex99-1.htm"},{"role":"primary","label":"Digi Power X Form 8-K on the Cerebras colocation agreement, date of report May 4, 2026, accession 0001213900-26-053566","url":"https://www.sec.gov/Archives/edgar/data/0001854368/000121390026053566/ea0289585-8k_digi.htm"},{"role":"corrob","label":"Data Center Colocation and Master Services Agreement, Exhibit 10.1 to the May 2026 Form 8-K","url":"https://www.sec.gov/Archives/edgar/data/1854368/000121390026053566/ea028958501ex10-1.htm"},{"role":"corrob","label":"Yahoo Finance: Digi Power X secures $1.1B data center contract with AI chip maker Cerebras Systems","url":"https://finance.yahoo.com/sectors/technology/articles/digi-power-x-secures-1-132900027.html"}]},"strength":{"cost":"Medium","commitment":"High","reversibility":"Low","persistence":"Decade","rationale":"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."},"shift":{"prior":"Cerebras said 700 megawatts under contract, naming no site, price or date.","action":"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.","update":"One counterparty published the rate: about $2.7 million per megawatt per year."},"inference":{"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."],"unknown":["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."]},"narrative":{"hook":"Cerebras' landlord put a price on the power: $40 million a year for 15 megawatts.","plain":"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.","story":["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."],"trail":[{"d":"MAY 4","t":"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."},{"d":"OCT 28","t":"American Electric Power tells the market it signed 15 gigawatts of new load in 3 months. Edition 065."},{"d":"NOV 12","t":"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."},{"d":"NOV 12","t":"Nscale discloses that a withdrawn grid connection cost it a $3.22 billion Microsoft statement of work, the same week. Edition 090."},{"d":"NOV 13","t":"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."},{"d":"Reacts","r":true,"t":"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."}],"glossary":[{"term":"Take-or-pay","def":"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."},{"term":"Colocation","def":"Renting space, power and cooling in someone else's building for your own machines. The landlord supplies the shell; the tenant supplies the chips."},{"term":"Commitment letter","def":"A lender's written offer to provide financing, subject to conditions. It is not money, and the conditions can fail."}]},"judgment":{"prompt":"Which explanation do you believe?","interpretations":[{"id":"a","label":"Inference demand is real and priced","text":"A 10-year take-or-pay at $40 million a year is not an option.","abstain":false},{"id":"b","label":"One small landlord, one campus","text":"40 megawatts is under 6% of the 700 Cerebras says it has.","abstain":false},{"id":"c","label":"A financing story, not demand","text":"The contract exists to raise $200 million. Disclosure follows the lender, not the customer.","abstain":false},{"id":"d","label":"Normal data centre disclosure","text":"Quarterly results name tenants and dates. Miners have pivoted this way for years.","abstain":false},{"id":"e","label":"Too early to call.","text":"The evidence cannot yet separate these.","abstain":true}],"distribution":{"status":"held back until you have made your call","calls":null}},"story_thread":"cerebras-700mw-triple-2027-e090","what_to_watch":[{"linked_interpretation":"a","direction":"strengthens","observable_event":"Digi 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.","window_end":"2027-03-31","state":"unresolved"},{"linked_interpretation":"a","direction":"weakens","observable_event":"The 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.","window_end":"2027-03-31","state":"unresolved"},{"linked_interpretation":"b","direction":"strengthens","observable_event":"Cerebras names other capacity counterparties at rates materially different from $2.7 million per megawatt per year, by September 30, 2027.","window_end":"2027-09-30","state":"unresolved"}]}