Hyperscale Data (GPUS) is reducing its at-the-market stock offering by $200 million. The program will shrink from $300 million to $100 million.
CEO Will Horne said the company believes its equity is significantly undervalued and wants to limit dilution for current stockholders.
The company has raised approximately $49.8 million through the program to date. It did so by selling about 121.8 million shares.
Hyperscale Data still plans to fund the expansion of its AI data center in Michigan. It intends to supplement project costs with debt financing rather than rely solely on equity sales.
Preliminary estimates indicate the facility could support between $100 million and $150 million in project debt.