Overview
- Shares climbed 16.5% in October and are up roughly fourfold in 2025, bringing the year-over-year gain to about 417%, per S&P Global Market Intelligence.
- A five-year agreement with Microsoft valued at up to $19.4 billion reinforced growth expectations and coincided with the company’s market value rising from roughly $15 billion to about $28 billion.
- Management lifted its 2025 revenue run-rate target to as much as $1 billion after reporting $55 million in first-quarter revenue.
- Institutional investors now hold 21.9% of the float, with approximately $1.56 billion of inflows versus $398.5 million of outflows over the past 12 months.
- Commentary flags valuation risk for the fast-rising shares and notes exposure to a potential slowdown in hyperscaler capital spending on AI infrastructure.