ALP

Download the Complete Report Here Key Takeaways: Alpha Compute Corp.’s (ALP) mid-quarter update points to a material inflection from concept-stage AI infrastructure buildout toward contracted, revenue-generating operations. ALP secured a $32.2 million, two-year agreement with a leading AI research firm, translating to $16.1 million of annual contracted revenue, up from ~$30,000 in 1Q26. The contract supports ALPHA-01, the company’s inaugural enterprise-scale deployment comprising 504 NVIDIA B200 GPUs in Canada. ALP is also advancing ALPHA-02, a 576-GPU NVIDIA B300 cluster in Sweden targeted for 3Q26 deployment. Importantly, ALP now expects $21 million in NTM revenue, including contracted AI compute revenue and expected contribution from the pending GAMEE acquisition, alongside a $200+ million qualified sales pipeline across AI research, enterprise, and sovereign compute customers. The NTM outlook is a key scale-up indicator, extending beyond the initial AI lab contract to reflect broader infrastructure monetization and anticipated contribution from GAMEE. The rebrand from AlphaTON Capital to Alpha Compute formalizes the company’s strategic shift from Telegram ecosystem exposure to AI GPUaaS and confidential compute infrastructure. The company changed its name and Nasdaq ticker from ATON to ALP on April 20, 2026, explicitly positioning itself as an AI GPU-as-a-service and confidential compute platform rather than primarily a TON ecosystem investment vehicle. The new platform is focused on confidential AI compute, sovereign AI infrastructure, scalable GPU deployment, and privacy-native AI ecosystems, with binding agreements for the deployment of over 1,000 Blackwell-generation GPUs and strategic relationships across Telegram, Animoca Brands, Midnight Network, and GAMEE. The Cocoon software stack deployment is in pilot phase as Telegram begins scaling applications, while the GAMEE acquisition is nearing completion pending final audits. Strategically, ALP is positioning for rising demand from regulated AI workloads through hardware-level encryption and TEE-based confidential compute powered by Blackwell-generation GPUs. We believe the $32.2 million AI lab contract provides the clearest commercial validation of ALP’s AI compute strategy, establishing a measurable revenue baseline for the platform. The two-year definitive lease agreement with a leading frontier ar...