$60 million in cash is the acquisition price WhiteFiber (NASDAQ: WYFI) agreed Monday to pay for two industrial properties in Yadkin County, North Carolina, implying $1 million per gross megawatt against the 60 MW of combined initial utility capacity the company projects for its planned NC-2 and NC-3 campuses. Conversion costs, development spend, and rack density were not disclosed, so the ratio reflects acquisition cost only.
| Metric | Figure | Label |
|---|---|---|
| Acquisition price | $60M | Reported |
| Initial gross utility capacity | 60 MW | Projected |
| Long-term gross capacity | ~200 MW | WhiteFiber estimate |
| Acquisition cost per initial gross MW | $1M | Calculated |
| Initial RFS target | Q3 2027 | Projected |
| NC-1 contracted IT load | 40 MW | Contracted |
| Nscale deal revenue (10 years) | ~$865M | Contracted |
The sites sit about 55 miles from WhiteFiber's NC-1 campus in Madison. WhiteFiber targets properties with existing industrial infrastructure as part of a retrofit-first strategy, citing shorter development timelines and better capital efficiency compared with greenfield construction. Initial ready-for-service capacity is targeted for Q3 2027, subject to the deal closing and standard development conditions. The company estimates the two sites could eventually support approximately 200 gross MW; no timeline for reaching that level was disclosed.
Customer pipeline
Customer discussions are described as advanced. WhiteFiber said it has received non-binding letters of intent carrying investment-grade credit support, though prospective customers were not named and the letters represent no binding revenue commitment.
CEO Sam Tabar said the sites would expand WhiteFiber's North Carolina footprint near NC-1, building on the capabilities and relationships the company has established in the region. NC-1 began billing customers in Q2 and is expected to reach full run-rate billing for 40 MW of contracted IT load in August. Nscale holds a 10-year colocation agreement covering that deployment, with approximately $865 million of contracted revenue and 3% annual escalators.
Balance sheet
WhiteFiber reported $60.4 million of cash and restricted cash as of June 30. After quarter-end, it expanded its RBC credit arrangement to C$115 million (approximately $82.8 million), with a conditional C$25 million accordion; the company had drawn C$36.8 million (about $26.5 million) by July 15. WhiteFiber specified cash consideration for the Yadkin County purchase but did not disclose which funding source it intends to draw on.
The acquisition follows WhiteFiber's August 12 agreement with Krambu, under which WhiteFiber will act as exclusive GPU infrastructure operator for 100 MW of planned Krambu capacity expected to enter the market beginning in 2027. Nscale's approximately $865 million remains the single disclosed binding revenue commitment in the company's North Carolina pipeline.