Sharon AI shares surge on USD1.25b GPU cloud deal, Canva customer reveal
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The news: Shares in Sharon AI Holdings surged almost 24% on Wednesday after the Australian neocloud operator signed a USD1.25 billion ($1.8 billion) cloud infrastructure deal worth multiples of its entire market capitalisation.
Shares rose as much as 23.71% to USD28.12 each.
Under the five-year agreement with ESDS Software Solutions Ltd, Sharon AI will deploy approximately 8,200 NVIDIA B300 GPUs and 17.80 petabytes of VAST storage within its existing NEXDC data centre in Australia, with delivery required by 16 September, 2026, according to the company’s filings. ESDS is required to provide USD140 million in letters of credit or bank guarantees, and holds an option to extend the contract for a further two years.
The context: Sharon AI does not build its own data centres but instead installs and operates equipment within existing infrastructure. It has secured up to 54 megawatts of capacity across multiple NEXTDC facilities in Melbourne and Sydney, and already operates a GPU cluster at NEXTDC’s M3 data centre in Melbourne.
The company listed on Nasdaq in February 2026 at USD30 per share, raising USD125 million, and Capital Brief reported in March the company was targeting an ASX listing in April or May, with Canaccord and Macquarie Bank engaged in that process.
The deal came alongside Sharon AI’s full-year 2025 results showing revenue growing to USD1.57 million from USD438,000 in 2024, driven by a surge in GPU cloud services.
The net loss widened sharply to USD39.8 million from USD3.9 million, though the bulk of that (USD26 million) reflected a non-cash fair value movement on convertible notes issued in December 2025. The company ended the year with USD71 million in cash.
In its annual report, the company also disclosed what it described as its first major customer win. “In January 2026, we signed our first major customer contract with lighthouse customer Canva and industry participant GMI Cloud US Inc,” Sharon AI said. “We are continuing the strong momentum and aiming to convert the pipeline of customers into signed agreements to materially scale the business.”
The company also said it had expanded its data centre capacity from 50 to 70 megawatts during the first quarter, a roughly 40% increase.
What they said: Co-founder and CEO James Manning said: “2025 was a highly successful year for Sharon AI, where we laid solid foundations for anticipated growth in 2026 and beyond. Customer demand across the AI native, research, government enterprise and hyperscale cohorts has continued to accelerate into early 2026. We are focused on increasing our data center capacity to meet this demand.”
He added the ESDS contract was “one of many” the company had been working on, adding Sharon AI continued to see robust demand across enterprise, hyperscale, research, government and AI native sectors.
