El acuerdo estratégico de WhiteFiber para el NC-1 y el camino hacia la recuperación: una oportunidad de compra en medio de una evaluación sobrevendida

In the rapidly evolving landscape of AI infrastructure, WhiteFiber (WYFI) has emerged as a compelling case study in value-driven growth investing. Despite its current oversold valuation and operational challenges, the company's recent $865 million colocation agreement with Nscale Global Holdings-anchoring its NC-1 data center campus-positions it as a strategic player in the AI infrastructure boom. Combined with B. Riley's 127% upside potential and improving financing prospects, WYFI offers a high-conviction long-term opportunity for investors willing to navigate near-term volatility.

The NC-1 Deal: A Catalyst for Revenue Visibility and Financial Stability

WhiteFiber's 10-year, 40 MW colocation agreement with Nscale represents a transformative milestone. This contract, valued at approximately $865 million, not only secures long-term revenue visibility but also de-risks the NC-1 campus's development. By committing $150 million in equity upfront, WhiteFiber has demonstrated its financial commitment to the project, reducing lender exposure and paving the way for a construction credit facility expected to be finalized in early Q1 2026. The facility is rumored to include an accordion feature, offering flexibility for future expansion according to market analysis.

The NC-1 campus itself is engineered for AI workloads, featuring Tier 3-equivalent design, 150 kW per cabinet capacity, and a power usage effectiveness (PUE) target of 1.3 or better as reported in SEC filings. These specifications align with the growing demand for high-performance, energy-efficient infrastructure to support AI training and inference. With billing set to commence in April and May 2026, the deal provides a critical revenue runway to address WhiteFiber's short-term liquidity concerns, which currently sit at less than a year of cash as per market analysis.

Valuation Metrics: Oversold Potential in a High-Growth Sector

WhiteFiber's current valuation appears disconnected from its long-term growth trajectory. As of November 2025, the company trades at an enterprise value of $427.53 million and a price-to-book (PB) ratio of 1.14 according to Gurufocus. While its Price-to-Sales (P/S) ratio of 11.7x exceeds the US IT industry average of 2.7x, this premium reflects market expectations for exponential revenue growth rather than current profitability as indicated by financial analysis.

B. Riley's recent initiation of coverage with a Buy rating and $34 price target (a 100% upside from its $16.91 price as of late 2025) underscores this optimism. The firm highlights the NC-1 deal as a "major catalyst," noting its role in establishing WhiteFiber as a scalable AI infrastructure provider according to B. Riley analysis. Even after B. Riley's revised $40 price target (down from $44), the stock remains undervalued relative to its peers, particularly given the $865 million in contracted revenue over the next decade as reported by financial analysts.

Strategic Positioning: From Data Center Builder to AI Infrastructure Platform

WhiteFiber's management has emphasized a disciplined approach to growth, prioritizing quality over volume. The NC-1 campus is not merely a data center but a platform designed to accommodate advanced AI workloads, with plans for additional campuses in 2026 and 2027 as reported in earnings. This strategy aligns with the broader industry shift toward specialized infrastructure, where companies with early-mover advantages in AI-ready facilities will capture disproportionate market share.

The company's retrofit capabilities-demonstrated by NC-1's rapid deployment-further differentiate it. Unlike traditional data center providers, WhiteFiber is leveraging its expertise to create modular, scalable solutions tailored to AI's unique demands according to industry analysis. This adaptability positions it to capitalize on the next phase of AI adoption, where enterprises will require not just space but integrated, high-performance ecosystems.

Risks and Mitigants: Navigating Short-Term Challenges

Critics may point to WhiteFiber's Q3 2025 net loss of $15.8 million and its reliance on non-cash stock-based compensation as red flags as per market reports. However, these losses are largely structural, driven by post-IPO public-company expenses rather than operational inefficiencies. The NC-1 deal's billing commencement in mid-2026 will directly address cash flow concerns, while the construction credit facility is expected to reduce the company's cost of capital through credit enhancements as reported in financial updates.

Moreover, WhiteFiber's $166.5 million in cash reserves as of September 2025 provides a buffer for near-term obligations as reported in earnings. The company's focus on securing investment-grade financing structures further mitigates debt risk, ensuring that its aggressive expansion plans remain financially viable.

Conclusion: A Buy Case Built on Asymmetric Rewards

For value-driven investors, WhiteFiber presents an asymmetric opportunity. Its current valuation discounts the transformative potential of the NC-1 deal and the broader AI infrastructure tailwinds. While short-term losses and liquidity constraints persist, the $865 million contract, combined with B. Riley's bullish thesis and improving financing terms, creates a compelling path to recovery.

As AI demand accelerates in 2026, companies like WhiteFiber that can deliver scalable, high-performance infrastructure will be indispensable. At current levels, WYFI offers a rare combination of discounted entry points and high-growth catalysts-a recipe for long-term outperformance in a sector poised for decades of expansion.