XMax Signs 5-Year, ~$122.5M GPU Compute Deal With DSH HYPER, Backed by $8.2M Letter of Credit
XMAX sits 29% above its 52-week low of $5.2 on elevated volume (3.9× avg).
Summary
XMax signed a five-year agreement with Singapore's DSH HYPER for dedicated NVIDIA B300 GPU capacity worth about US$122.5 million in scheduled charges, secured by an US$8.2 million letter of credit and a corporate guarantee that still need board approval and delivery by 17 November 2026.
Key Events · M&A and Partnerships · XMAX
-
Five-Year GPU Capacity Agreement Signed
XMax contracted DSH HYPER PTE. LTD. for dedicated NVIDIA B300 capacity sourced from kt cloud: 60 nodes (480 GPUs) and 300 TB initially, expanding to 64 nodes (512 GPUs) and 560 TB. Service and billing began 29 October 2026.
-
US$122.5 Million Committed Charge
Total scheduled service charges for the 60-month term are approximately KRW 162.3 billion (about US$122.5 million at KRW 1,325.06/US$), exclusive of taxes, paid monthly — KRW 2,539,199,880 per full month at 60 nodes and KRW 2,708,479,872 at 64 nodes.
-
Security Package Still Conditional
The long-term commitment requires board approval of a Corporate Guarantee and delivery of an US$8.2 million (KRW 10,833,919,488) standby letter of credit by 17 November 2026. A non-refundable US$2.1 million setup fee is due 6 November 2026 and is the sole liability if those conditions fail.
-
Revenue Target Is a Projection
XMax expects more than US$100 million in cumulative revenue over five years from NeoCloud and AI Token Factory services on this infrastructure — a forward-looking estimate, not contracted backlog.
Analysis · XMAX · Manufacturing
XMax has committed to roughly US$122.5 million of GPU capacity over five years — a purchase obligation several times its own market value — to build out its NeoCloud and AI Token Factory businesses. The upside is the company's own projection of more than US$100 million in cumulative revenue from those businesses over the same period, which is a forecast, not contracted revenue. The near-term risk sits in the conditions: the deal only becomes a long-term commitment if the board approves the Corporate Guarantee and the standby letter of credit is delivered by 17 November 2026, and a non-refundable US$2.1 million setup fee is due 6 November 2026 regardless. If those conditions fail, the company is out the setup fee and nothing more. This lands while XMax is still working to cure a Nasdaq delisting notice and is asking shareholders on 2 November to authorize up to $170 million in discounted offerings — so the financing to support this commitment is not yet in hand.
How filings like this one have moved
In the 30 days to Nov 2, 2026, 40.4% of the 1069 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.35%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, XMAX was trading at $6.73 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $416.2M. The 52-week trading range was $5.20 to $9.40. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.