WhiteFiber has pocketed $310M from a convertible debt sale, the AI infrastructure firm’s largest financing since its stock market debut a year ago.
The 5.00% notes, due in 2032, priced with a conversion premium of about 25% over the stock’s August 18 close. The company pulled in roughly $298.5M in net proceeds, steered about $118.5M of that into retiring most of its earlier 2031 convertible layer, and is left with close to $180M for expansion.
Chief executive Sam Tabar says the cash buys certainty while the company pushes the NC-1 project in North Carolina toward a goal of more than 100 MW of additional capacity in 2027, with long-term leases targeted for the fourth quarter of 2026. He called the transaction a material boost to liquidity.
WhiteFiber listed in August 2025 at $17 a share. Its playbook mirrors other AI data center developers: corporate convertible debt to secure sites and long-lead gear, then project-level financing once leased facilities become bankable. Bit Digital folded its HPC and cloud operations into the company ahead of that listing.
The capital intensity is stark. The company spent $169.2M on property, plant, and equipment in the quarter ended March 31, against just $21.9M of revenue, leaving the new funds to cover roughly another quarter of construction before project financing closes.
