ALP Alpha Compute Corp
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Executive Summary
Alpha Compute Corp. announced a $32.2 million two-year contract ($16.1M annual revenue), ALPHA-01 cluster live, and $10.2M cash. Revenue surged from ~$30K to $16.1M annualized, but the company remains pre-scale with $26.6M GPU lease debt and a $8M market cap. The filing is bullish on operational progress but tempered by tiny base, high leverage, and no profitability data.
Actionable Insight
The revenue inflection is real but the base is tiny ($8M market cap). Monitor Q2 2026 6-K for actual revenue recognition and cash burn. The GAMEE acquisition close and ALPHA-02 go-live in Q3 are key catalysts. Watch for dilution risk given $26.6M GPU lease and need for additional financing.
Key Facts
- Secured $32.2M two-year contract with $16.1M annual contracted revenue, up from ~$30K in Q1 2026
- ALPHA-01 cluster (504 NVIDIA B200 GPUs) went live for first enterprise customer
- Cash and cash equivalents of $10.2M as of May 21, 2026
- Total assets $66.9M; GPU lease liability $26.6M; TON coin-collateralized debt $328K
- Projected $21M revenue over next 12 months including pending GAMEE acquisition
- Qualified sales pipeline over $200M
- GAMEE acquisition projected to close by May 31, 2026
Financial Impact
Annual contracted revenue jumped from ~$30K to $16.1M; $7.5M upfront payment due; $21M projected 12-month revenue; $10.2M cash on hand
Risk Factors
- Revenue still pre-scale; $16.1M annualized on $8M market cap implies high execution risk
- GPU lease liability of $26.6M exceeds cash ($10.2M); potential need for dilutive financing
- GAMEE acquisition may not close or integrate as projected
- Forward-looking statements not guaranteed; pipeline conversion uncertain
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-003608 |
| Document: f6k_052126.htm | 0001171843-26-003608 |
| Document: 0001171843-26-003608-index-headers.html | 0001171843-26-003608 |
| Document: 0001171843-26-003608-index.html | 0001171843-26-003608 |
| Document: 0001171843-26-003608.txt | 0001171843-26-003608 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 5, 2026
9d ago
|
6-K
| $0.2536 awaiting T+5 | awaiting T+5 | — | $0.2410 (−4.97%) |
|
Jun 5, 2026
9d ago
|
Press Release
| $0.2537 awaiting T+5 | awaiting T+5 | — | $0.2410 (+5.01%) |
|
May 27, 2026
18d ago
|
6-K
| $0.4460 $0.3090 | ▼ −30.72% | ▼ −31.93% | $0.2410 (−45.96%) |
|
May 27, 2026
18d ago
|
Press Release
| $0.4460 $0.3090 | ▼ −30.72% | ▼ −31.93% | $0.2410 (−45.96%) |
|
May 27, 2026
18d ago
|
Press Release
| $0.4460 $0.3090 | ▼ −30.72% | ▼ −31.93% | $0.2410 (−45.96%) |
|
May 21, 2026
24d ago
|
6-K
| $0.3850 $0.4400 | ▲ +14.29% | ▲ +12.69% | $0.2410 (−37.40%) |
|
May 21, 2026
24d ago
|
Press Release
| $0.3850 $0.4400 | ▼ −14.29% | ▼ −12.69% | $0.2410 (+37.40%) |
|
May 12, 2026
4w ago
|
Press Release
| $0.2750 $0.3630 | ▲ +32.00% | ▲ +31.92% | $0.2410 (−12.36%) |
|
May 11, 2026
4w ago
|
ANALYST-UPGRADE
| $0.4000 $0.3840 | ▼ −4.00% | ▼ −2.97% | $0.2410 (−39.75%) |
US Market Status
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