Target Hospitality shares surge 41.59% intraday after securing a $550M+ multi-year data center lease deal with a top-5 global enterprise and raising 2026 revenue guidance to $360M–$370M.

Target Hospitality surged 41.59% intraday, driven by the announcement that on April 1, 2026, the company signed a multi-year data center campus lease and services contract worth over $550 million with one of the world's top five hyperscale enterprises. The deal is expected to generate over $550 million in minimum committed revenue and variable revenue of approximately $20–$40 million annually. On the same day, the company also raised its full-year 2026 total revenue guidance from $320–$330 million to $360–$370 million, and anticipates annualized revenue exceeding $500 million by mid-2027, along with adjusted EBITDA above $160 million.