First AI customer signed April 20. Cash backs the downside. 99% of the 400MW capacity is still uncontracted. Base case puts per-share at +346% by FY 2027.
Magnetic tape is overlooked in the AI infra value chain, and within storage itself, even though tape is where archival data sits.
SPAC merger priced below every public GPU cloud peer, with a team that's built and sold this infrastructure before.
Solar demand, supply inelasticity, and China's export restrictions are tightening a market that's been in deficit for five years.