Nscale colocation services contract for NC-1
Company: WhiteFiber - Project: NC-1
What the later record shows
Delivered late
The Nscale Services Agreement was signed in November 2025 and remains in place. The forward-looking part, June 2026 billing, slipped to Q3, and initial billing had begun by the August 12 call.
“In November 2025, our wholly owned subsidiary, Enovum NC-1 Bidco, LLC, entered into the Services Agreement with Nscale Services US Inc. and Nscale Global Holdings Limited”
2026-08-11 · WhiteFiber 10-Q filed 2026-08-12 View cached copy (2026-08-31)Live source ↗
“Management expects to begin delivering capacity to Nscale during the third quarter and for NC-1 to start generating revenues 30 days after completion.”
2026-08-11 · WhiteFiber 10-Q filed 2026-08-12 View cached copy (2026-08-31)Live source ↗
“Initial billing had started, with the full 40 megawatts expected to reach run-rate billing by the end of August.”
2026-08-13 · WYFI Q2 Earnings Call Focuses on NC-1 Ramp and Cloud Expansion - Yahoo Finance View cached copy (2026-08-31)Live source ↗
Checked October 10, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
WhiteFiber entered into Services Agreement with Nscale in November 2025 for colocation and related services at NC-1 facility representing approximately $865 million in total contracted revenue over 10 years with billing for 40 MW phase expected to commence June 2026
Source (primary)
WhiteFiber 10-K filed 2026-03-26 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “In November 2025, our wholly owned subsidiary, Enovum NC-1 Bidco, LLC, entered into the Services Agreement with Nscale Services US Inc. and Nscale Global Holdings Limited (collectively, "Nscale") for the provision of colocation and related services at our NC-1 facility. The initial Service Order pursuant to the Services Agreement represents approximately $865 million in total contracted revenue over a 10-year term. Billing for the 40 MW phase is expected to commence in June 2026, subject to completion of construction and commissioning.”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
The 10-K states that in November 2025 a WhiteFiber subsidiary signed the Nscale Services Agreement for colocation at NC-1, worth about $865 million over 10 years, with 40 MW phase billing expected from June 2026.
Confirmed in the source:
- WhiteFiber, through its wholly owned subsidiary Enovum NC-1 Bidco, LLC, entered into the Services Agreement with Nscale
- The agreement was entered into in November 2025
- The agreement covers colocation and related services at the NC-1 facility
- The initial Service Order represents approximately $865 million in total contracted revenue
- The contracted revenue is over a 10-year term
- Billing for the 40 MW phase is expected to commence in June 2026
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/2042022/000121390026034341/ea0278305-10k_white.htm) in full (600,249 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms WhiteFiber 10-K filed 2026-03-26
Quote: “In November 2025, our wholly owned subsidiary, Enovum NC-1 Bidco, LLC, entered into the Services Agreement with Nscale Services US Inc. and Nscale Global Holdings Limited (collectively, "Nscale") for the provision of colocation and related services at our NC-1 facility. The initial Service Order pursuant to the Services Agreement represents approximately $865 million in total contracted revenue over a 10-year term. Billing for the 40 MW phase is expected to commence in June 2026, subject to completion of construction and commissioning.”
confirms WYFI Q2 Earnings Call Focuses on NC-1 Ramp and Cloud Expansion - Yahoo Finance
Quote: “Initial billing had started, with the full 40 megawatts expected to reach run-rate billing by the end of August.”
confirms WhiteFiber 10-Q filed 2026-08-12
Quote: “In November 2025, our wholly owned subsidiary, Enovum NC-1 Bidco, LLC, entered into the Services Agreement with Nscale Services US Inc. and Nscale Global Holdings Limited”