An investment thesis on $WYFI: Comparable to $NBIS, but profitable and more attractively valued. This is the first part of my series, Misunderstood Baggers.
1) History $WYFI was founded in 2024 as part of Bit Digital’s transition from cryptocurrency mining to high-performance computing. Bit Digital, established in 2017, had been a leading public Ethereum miner but shifted focus as the industry grew more volatile. The new subsidiary,
2) What does $WYFI do exactly? Although many of you may have heard about cloud computing, datacenters, and the growing demand for them, I believe some of you might not be fully familiar with what they actually are. When saving a document on Google Drive or in Dropbox for
2.2) Retrofit model What makes $WYFI so special is that they have a retrofit model. This indicates that they purchase warehouses, factories, or just large facilities in general. Afterwards, they renovate these into datacenters and install tons of GPUs. This allows Whitefiber to
2.3) Business model I will split up Whitefiber’s model in two parts, cloud, and datacenters. When it comes to cloud computing, $WYFI essentially offers GPUaaS, GPU-as-a-Service. Customers rent access to Whitefiber’s high-performance GPU clusters without needing to buy hardware,
2.4) $WYFI datacenters Right now, Whitefiber has four datacenters in total, both active and in the pipeline: 1. The only operational datacenter Whitefiber currently owns is MTL-1, located in Montreal. Whitefiber has operated this site since late 2024, and it has been running
2.4.2) NC-1 A few months ago, $WYFI acquired a 96-acre, ~1 million square foot industrial property in Madison, North Carolina. The first phase of the project will deliver 24 MW of capacity, with management guiding for it to come online in Q1 2026. By Q2, capacity is expected to
3) Main risks If you’ve been following this industry for a while, you probably know that there continues to be one large risk regarding all of these companies, funding. That’s my main concern for $WYFI too. Whitefiber plans to hit 76 MW in datacenter capacity next year.
4) MW outlook The roadmap looks like this: • MTL-1 is already online with 4 MW fully contracted, and expandable up to 24 MW. • MTL-2 is expected to come online in 1H 2026, adding fresh capacity for colocation or GPUaaS depending on customer demand. • MTL-3 will launch in
5) Balance sheet Well, there isn’t much to tell here, except that $WYFI is entering this growth cycle with a surprisingly strong position for such an early-stage company. As of June 30th, they had about $16.4M in cash and no debt. After the IPO in August, they added another
6) Price targets Right now, $WYFI generates nearly $20M in ARR per MW. Let’s assume that this number decreases towards a more conservative $8M per MW as they scale and onboard larger hyperscale customers. At the company’s guided 76 MW in 2026, that would already mean over $600M
7) Conclusion Whitefiber is still being priced by the market as a small niche operator, yet the company is clearly building the foundations of a major AI infrastructure platform. With its retrofit model, strong customer pipeline, and pathway to over 200 MW of capacity, the
@meeijer Solid research 👌
@SamirTabar Thanks for the compliment!
@meeijer I have had some call options on whitefiber for the past 2 months. The thing is human psychology is interesting. With the succes of Nebius people want to discover “the new nebius”. Which makes sense. You want strong gains. But the loophole into this is that they look into the same
@meeijer Great find here! The governance and funding do seem like big risks for $WYFI, but this has a lot of potential. Being able to build data centers faster and at a lower price is something that can really make a difference. I’m going to have to look into this more, but it seems
@TheBrilliantBu1 Thanks! If executions is good, $WYFI could easily become a multibagger, in my opinion. And it’s definitely worth deep diving into the company!
@meeijer This is a really well written and interesting thread, thanks for putting that together. I’d not yet heard of $wyfi but have spent the last hour or so researching it. How does it being 71% owned by BTBT affect the thesis?
@meeijer Also WYFI only has 37M outstanding shares. Bigger upside
@meeijer Awesome, even Sam responded. I see WYFI at $45 to $50 very quickly. When WYFI IPO, I had to call my brokerage to remind them to add WYFI, it took days lol.
@meeijer $BTBT owns $WYFI So… this means $BTBT is very undervalued!
@meeijer Nice stuff! I’m along for the riiide 🏄 🤙
@meeijer Well done 👏
@ryanthawks Thanks man!
@meeijer Interesting
@babyfolio Absolutely
@meeijer 👀
@meeijer SOLID DD. Buying more.
@meeijer Well done