Alpha Compute Corp. Provides Mid-Q2 2026 Update

ALPHA-01 Completed and ALPHA-02 Underway of B300s located in Swedish Data Center, $16.1 million in Annual Revenue

ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS, May 21, 2026 (GLOBE NEWSWIRE) -- Alpha Compute Corp. (Nasdaq: ALP) ("Alpha Compute" or the "Company"), a pioneering technology leader in AI GPU-as-a-service (GPUaaS) and AI Confidential Compute, today provided a business update covering operational, commercial, and financial progress for the period ended May 21, 2026.

During the Q2 period, Alpha Compute secured a $32.2 million, two-year contract with a leading AI research firm — $16.1 million in annual contracted revenue, up from approximately $30,000 as of Q1 2026. The Company also brought its first enterprise-scale Blackwell cluster online and advanced the ALPHA-02 deployment. Alpha Compute enters the back half of Q2 with $21 million in projected revenue over the next twelve months, reflecting contracted revenue plus expected contribution from the pending GAMEE acquisition, and a qualified sales pipeline of over $200 million.

Commercial Highlights

Contracted Revenue: $16.1 million in annual contracted revenue under a $32.2 million, two-year agreement.
New Customer Agreements: One new customer agreement signed during the period and upfront payment of $7.5 million due from a leading frontier AI laboratory.
Sales Pipeline: $200 million plus in qualified pipeline opportunities across AI research, enterprise, and sovereign segments.
Strategic Partnerships: Telegram Cocoon partnership, Animoca Brands and Midnight Network continuing to grow, and GAMEE acquisition is almost completed, projected to close this quarter pending final audits of GAMEE HK and Czech Republic.

Infrastructure & Deployment Highlights

ALPHA-01 (Canada): Status: Live for our first enterprise customer as of May 21, 2026. 504 NVIDIA B200 GPUs;
ALPHA-02 (Sweden): Status: Construction underway, targeting go-live in Q3 2026. Projected 576 GPUs;
Confidential Compute Stack: Cocoon update in software stack, deployment in pilot phase as Telegram begins scaling of applications;
Energy & Sustainability: ALPHA-01 and ALPHA-02 are 100% hydroelectric power.

Financial Position

Cash and Cash Equivalents	$10.2 million as of May 21, 2026
Total Assets	$66.9 million
Debt / Financing	$26.6m GPU lease liability and $328k in TON coin-collateralized debt

Corporate & Strategic Developments

GAMEE: Projected for closing by May 31, 2026;
Filing of US Government Contracting entity: Projected to launch in Q3 2026;
Launch of Alpha Compute Capital for financing of AI GPU Special Purpose Vehicles and other financial products associated with funding and maintaining AI GPU Infrastructure.

Management Commentary

"This quarter marked Alpha Compute's transition from infrastructure buildout to revenue-generating operations. With ALPHA-01 live and a robust enterprise pipeline, we are executing on the sovereign AI compute thesis at scale." - Brittany Kaiser, Alpha Compute CEO

Executive Chairman and CIO Enzo Villani noted: “Our primary objective at Alpha Compute is the delivery of AI compute infrastructure to meet the needs of this rapidly expanding market. While hyperscalers prioritize massive-scale projects, our focus remains on edge computing and renewable energy to ensure a future that is both sustainable and secure.”

About Alpha Compute Corp.

Alpha Compute Corp. (Nasdaq: ALP) is a pioneering leader in AI GPU-as-a-service (GPUaaS) and AI Confidential Compute. Alpha Compute builds and operates businesses at the intersection of confidential computing, artificial intelligence, and decentralized AI. The Company’s GPU assets deliver privacy-preserving computation to partners and applications including Telegram, Animoca Brands, GAMEE, and Midnight Network. Alpha Compute is incorporated in the British Virgin Islands.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws. All statements other than statements of historical fact, including those preceded by, followed by, or incorporating words such as "believes," "expects," "anticipates," "intends," "estimates," "plans," "may," "will," "potential," "continues," or similar expressions are forward-looking statements.

Forward-looking statements in this release include, without limitation: the expected timing and go-live dates for Alpha Compute's GPU cluster deployments; projected revenue from the Company's AI infrastructure buildout; anticipated benefits from the Company's confidential compute partnerships and infrastructure expansion; and the Company's broader business strategy and operational plans.

These statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied, including: the timing and progress of the Company's strategic initiatives; reliance on third-party vendors and partners; the ability to secure additional financing; uncertainty around the Company's investments and legacy business; risks related to technology platforms and ecosystems; and general market and economic conditions. A more complete discussion of these risks is set forth under "Item 3 - Key Information - Risk Factors" in the Company's Annual Report on Form 20-F for the year ended March 31, 2025, and in the Company's Forms 6-K filed with the Securities and Exchange Commission on September 3, 2025 and January 13, 2026.

Undue reliance should not be placed on these forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release, and the Company undertakes no obligation to update or revise them publicly, except as required by law.

Investor & Media Contact

Alpha Compute Corp.
ir@alphacompute.ai
www.alphacompute.ai

ir(at)alphacompute.ai

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