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Hyperbolic owns no GPUs — it began as a crypto-funded broker of idle GPUs and has become a thin-capital LESSEE-RESELLER: it now signs 2–3-year take-or-pay-style capacity leases (≥$36.8M, possibly ~$117M of TCV) on ~$20M of total equity, so the GPU depreciation risk sits with its landlords (QumulusAI, WhiteFiber) but the utilisation and lease-mismatch risk now sits with Hyperbolic. The idle-GPU arbitrage it was founded on died in the 2025–26 shortage; it survives as a spread business squeezed fro
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Datacenters & Digital Infrastructure
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| Industry | Cloud Computing |
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