AI Computing Power Assetization Wave: Axe Compute Could Be the Most Undervalued GPU Compute Entry in US Stocks

From the end of 2025 to the first half of 2026, as other tracks (some high-valuation growth, cyclical, and pure narrative themes) fade, and AI CapEx continues to exceed expectations, with semiconductor and data center-related stocks significantly outperforming, a true market consensus is forming: "AI is no longer just one of many themes, but has become the absolute main line of the global capital market." Through research into undervalued AI companies in the US stock market, Axe Compute has become a key focus for us this year. A recent announcement on July 22 added a $1.3 billion AI computing contract, which has greatly strengthened our confidence in investing in Axe. If the contract can be implemented in an orderly manner and the data can genuinely be reflected in the financial reports, we believe that "Axe Compute, a company currently with a market cap of less than $100 million, could become the most undervalued GPU computing gateway in the US stock market."

1. A Stunning Transformation from Pharmaceuticals to AI Computing

Before its name change in December 2025, Axe Compute was formerly Predictive Oncology Inc. (NASDAQ: POAI), a typical US micro-cap biopharmaceutical company. As a classic "small-cap biotech stock," POAI's performance in the pharmaceutical stage was lackluster: revenues long stagnated in the hundreds of thousands of dollars, it was persistently loss-making, and its market cap often lingered in the tens of millions of dollars range, attracting very little attention from the capital markets.

In September 2025, the company suddenly launched a Strategic Compute Reserve, explicitly using Aethir's native utility token (ATH) as its core, continuing the Crypto Treasury strategy narrative, and hinting at a company pivot towards an AI narrative and computing business.

In October 2025, it completed two simultaneous PIPE financings, totaling $343.5 million in cash equivalent, combining $50.8 million in cash with ATH valued at a nominal $292.7 million. This financing turned the company's balance sheet from negative equity to a positive $47.7 million gain, acquiring 6.348 billion ATH, and formally forging a deep binding between the company and the Aethir network. This enabled a capital operation model combining AI computing narrative and treasury company, and the company has been on our watchlist since.

On December 11–12, 2025, the company rebranded, changing its name from Predictive Oncology Inc. to Axe Compute Inc., and its ticker from POAI to AGPU, continuing to trade on Nasdaq.

Since the end of the first quarter of 2026, Axe Compute has officially begun operating as a new cloud service provider. Aethir ecosystem affiliates have become its largest shareholders, signaling a comprehensive transformation to the financial markets:

On February 9, Charles L. Nuzum became Chairman, and Christopher Miglino (previously involved in designing the ATH transaction structure) officially became CEO. In March, the board was restructured, with Kyle Okamoto (former Aethir CTO/GM) becoming President.

On April 1, the company completed the enterprise-level commercial integration of Aethir's distributed GPU network (400,000+ GPU containers, 200+ locations, 93 countries), signing its first batch of enterprise contracts worth approximately $12 million. These contracts were primarily under the Immediate Access Program, contributing an estimated monthly revenue of around $835,000, with payment structures involving upfront and monthly prepayments. The company has begun generating a small amount of compute revenue (about $7,000 actually recognized in Q1).

On April 22, 2026, it disclosed a $260 million exclusive cluster contract for B300s (the first Build Program order). Key contract terms: a 36-month take-or-pay agreement, delivering 2,304 NVIDIA B300 GPUs + high-speed AI storage (US Tier-3 data center, 4.8 MW dedicated power). With a structured deposit + prepayment + monthly prepayment, the expected quarterly revenue upon launch in Q3 2026 is approximately $21 million.

On May 27, 2026: Confirmed receipt of a $43 million initial payment for the B300 contract. This was the first real cash milestone for a contract, confirming that the Build model is proceeding as planned, with hardware procurement and deployment underway.

On June 16, 2026: Secured a $25.9 million long-term deployment contract for Blackwell / Grace Blackwell (12 months + 24 months, with renewal options), with $12.9 million already prepaid.

On July 22, 2026: Announced additional AI infrastructure customer contracts worth $1.3 billion. These agreements are based on five-year terms with renewal options, require significant upfront payments, and include provisions for upgrading GPUs as new generations are released. Revenue is expected to begin generating by the end of the fourth quarter of 2026, with prepayments to be made in the third quarter of 2026. At that point, Annual Recurring Revenue (ARR) is projected to exceed $384 million. This massive $1.3 billion order should be the starting point for the entire market to truly reassess Axe.

2. Multiple AI Computing Solutions: A Highly Elastic "CoreWeave" – Deconstructing Axe's Business Model

Axe Compute Inc. is a technology company focused on providing high-performance computing infrastructure, primarily for artificial intelligence (AI) workloads. It obtains large-scale GPU capacity from hardware manufacturers and infrastructure providers and deploys it to enterprise clients through long-term service agreements. Services include hardware procurement, colocation, networking, storage, and financing. Axe also retains its oncology drug development solutions business, but it is currently not the company's primary focus.

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

(1) Immediate Access Program

Targeting customers needing rapid deployment and elastic scaling. Leveraging Aethir's distributed network's existing GPU inventory, deployment can be completed in as fast as 48 hours across over 200 global nodes. Suitable for scenarios like inference, fine-tuning, and small to medium-scale training, with payments made monthly based on reserved capacity.

(2) Build Program / AI Factory

Targeting ultra-large-scale, long-cycle, dedicated computing needs. Axe handles the overall architecture design, data center site selection and power negotiations, hardware financing arrangements, and ultimately enterprise-grade Service Level Agreement (SLA) operations – a "design-deploy-own-operate" model.

The $260 million, three-year order secured in April 2026 is a landmark case for this model. The company plans to procure a dedicated cluster of 2,304 NVIDIA B300 GPUs and high-speed AI storage infrastructure from a US Tier-3 data center facility, supported by 4.8 MW of dedicated redundant power. The customer specifies the deployment location and service standards, with deployment targeted for completion in Q3 2026. Using a structured payment schedule, an initial $43 million has already been received. Over the 36-month service period, the company will recognize approximately $21 million in revenue per quarter.

In June 2026, the company signed another $25.9 million long-term deployment contract for Blackwell and Grace Blackwell, covering two scenarios: inference infrastructure and simulation platforms. $12.9 million of this has already been received as an upfront payment.

In July 2026, the Build business line secured over $1.3 billion in five-year long-term AI infrastructure contracts from regions including the US and Europe, significantly surpassing its full-year target of $1 billion in signed contracts. Project prepayments will be received in Q3 2026, with recurring revenue officially starting to be recognized from the end of Q4 2026. Once all clusters are fully operational, the corresponding ARR is expected to exceed $384 million. Company management states that current market demand is strong, and this revenue will contribute to the 2027 ARR, continuously unlocking medium to long-term growth potential.

2. Re-understanding Axe's Build Computing Business

The best comparison is CoreWeave – one is the leader in centralized training, the other is a new force in global hybrid computing:

CoreWeave follows an asset-heavy, centralized route, deeply focusing on training scenarios. Operating 49 large-scale AI data centers across North America and Europe, it holds approximately 250,000 high-end GPUs. Leveraging InfiniBand high-speed interconnects and native Kubernetes orchestration, it builds massive single-cluster training setups with thousands of cards, offering extreme performance for ultra-large-scale distributed training suitable for top AI labs like OpenAI, Meta, and Microsoft training models with hundreds of billions of parameters. Listed on Nasdaq in March 2025, it received a $2 billion strategic investment from NVIDIA in January 2026, solidifying its position as a benchmark in the specialized AI cloud (Neo-Cloud) sector. However, with all data centers concentrated in North America and Europe, network latency of 80–150 milliseconds for intercontinental transmission, combined with various countries' data residency compliance requirements, effectively locks CoreWeave out of large regional markets like Asia-Pacific, the Middle East, and Latin America.

Axe Compute follows a hybrid model, pursuing a distributed, global coverage route. On one hand, it leverages the Aethir distributed computing network to integrate global third-party data center resources, deploying over 200 computing nodes across 93 countries, providing access to a total of over 435,000 GPUs. On the other hand, it is aggressively expanding its new, asset-centric cloud business worth $1 billion+. This allows it to enter the large-scale customized computing market, serving all types of GPU buyers and AI companies.

3. Financial Analysis

Axe Compute's First Quarter Financial Results Ended March 31, 2026

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

Revenue for the first quarter of 2026 was $35,000, compared to $110,000 in the first quarter of 2025. Sales in Q1 2026 came primarily from the legacy drug discovery services segment, with the computing services segment contributing only $7,000. According to company disclosures, the $43 million initial payment for the major B300 contract was received in May, and an additional $25.9 million long-term contract for the Blackwell series was secured in June, but neither has yet been converted into profit and loss statement revenue.

Once the $260 million dedicated cluster officially launches in Q3, it can recognize approximately $21 million in computing revenue per quarter, roughly 600 times the total revenue of Q1. Assuming the $1.3 billion in orders officially begin contributing in Q4, quarterly revenue could increase by another $65 million to $86 million, representing quarter-over-quarter growth of over 400%. The company is at the explosive inflection point of transitioning from hundred-thousand-dollar quarterly revenue to hundred-million-dollar quarterly revenue. Current market pricing still does not fully reflect the certainty of this step-change revenue surge.

Net loss for the first quarter of 2026 was $7.7 million. This net loss includes a non-cash mark-to-market loss of $4.3 million on the company's ATH digital asset holdings. As of March 31, 2026, accounts receivable were $659,000, compared to $32,000 as of December 31, 2025. Both accounts receivable and contract liabilities increased significantly during the quarter, reflecting monthly prepayments due from Compute Services customers following the launch of projects at the end of the first quarter.

Axe Compute CEO Christopher Miglino stated, "Our goal for this year was to sign $1 billion in contracts. Securing these July contracts puts us well beyond that target... We believe signing another $2 billion in contracts this year is not out of reach, which will help boost next year's ARR." Combined with public statements from the first half of the year, Axe Compute currently has a potential business order pipeline exceeding $4 billion, has signed over $1 billion in contracts, and aims to sign a total of $3 billion in contracts this year.

4. Valuation Analysis

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

Annual Revenue Estimation

Based on officially announced confirmed orders, the estimated definite revenue for FY2026 from these contracts is approximately $125 million.

Three Wall Street analysts project AGPU's 2026 revenue to average $163,935,524, with a low estimate of $157,505,455 and a high estimate of $168,752,872. For 2027, this figure is projected to reach $254,372,663, with a low estimate of $244,405,017 and a high estimate of $261,853,600. Our conservative estimate based on confirmed revenues is approximately $125 million.

CoreWeave's Forward P/S is approximately 3.88x. Axe Compute's actual confirmed revenue for 2026 is about $125 million. Total shares outstanding are 11.385 million, and the current price is $6.85.

Axe Market Cap = $125 million × 3.88 = $485 million

Corresponding Share Price: $485 million ÷ 11.385 million shares ≈ $42.60/share

Potential Upside from Current Price: $42.60 ÷ $6.85 ≈ 6.21x

• Model 2: P/ARR (Forward Scenario Calculation)

P/ARR (Market Cap to Annual Recurring Revenue ratio) is a common steady-state valuation metric for the computing infrastructure industry. It is well-suited for business models centered on multi-year locked-in computing contracts and better reflects the intrinsic value of a company's long-term stable cash flows. This analysis uses CoreWeave's July 2026 P/ARR valuation midpoint of approximately 2.4x as a fair pricing benchmark for mature computing service providers.

Based on all current Build business long-term orders, the steady-state annualized ARR is projected to reach $384 million.

Axe's Reasonable Forward Market Cap = $384 million × 2.4 = $921.6 million

Corresponding Target Share Price = $921.6 million ÷ 11.385 million shares ≈ $80.94/share

Potential Upside from Current Price: $80.94 ÷ $6.85 ≈ 11.8x

Based on comprehensive calculations, Axe's stock price has an upside potential of 6–11 times, indicating that the current market value is severely undervalued. These estimates do not apply a valuation discount for differences in business scale and maturity between the two companies, so the actual reasonable valuation midpoint may have some downward room.

From a peer comparison standpoint, there is a significant mismatch between AGPU's current market pricing and its business scale and growth potential. As of now, the company's market cap is only about $80 million, while based on signed long-term contracts, its guided ARR has reached $384 million, implying a P/ARR of only 0.2x. In contrast, peers like Nebius, CoreWeave, IREN, and WhiteFiber have P/S on ARR multiples of 6.9x, 2.4x, 4.0x, and 10.4x, respectively. Even considering AGPU is in an early commercial stage with revenue recognition not yet fully ramped, its valuation level is still far below the industry average. As the B300 exclusive cluster and subsequent contracts worth over $1 billion begin contributing revenue in H2 2026, the company's ARR is poised for rapid realization next year. The current extremely low valuation multiple provides investors with significant margin of safety and upside optionality.

3. AI x Crypto Capital Model Design: The "Compute + Treasury" Dual-Engine Model

Beyond the impressively projected Compute business, AGPU possesses a highly compelling flywheel model: the ATH Treasury strategy. Unlike traditional treasury companies that simply hoard BTC or ETH, ATH is situated within a company body generating positive cash flow from a related business. Compute orders directly drive ATH demand and settlement, while Treasury appreciation feeds back into Compute expansion. The two are mutually causal, creating synergistic resonance and a self-reinforcing positive flywheel.

1. What are ATH and Aethir?

The Aethir network is a decentralized physical infrastructure network developed by the Panamanian foundation entity DCI Foundation ("DCI"). The Aethir network aggregates enterprise-grade GPUs from independent data centers, enterprises, and other hardware owners into a single globally distributed network. The network is designed to provide on-demand GPU compute resources for AI training and inference, cloud gaming, and other virtualized computing workloads, often