XMax Commits $122.5 Million to Lease Nvidia Blackwell Ultra GPUs

XMax has signed a five-year computing services contract with Singapore-based DSH Hyper to access a cluster of up to 512 Nvidia Blackwell Ultra B300 graphics processing units, according to SEC filings reported by Yahoo Finance (https://finance.yahoo.com/technology/ai/articles/xmax-doubles-down-nvidia-dominate-184424405.html?.tsrc=rss).

The transaction represents an aggressive expansion for the Nasdaq-listed firm, which historically operated as a contemporary furniture distributor before pivoting into enterprise artificial intelligence software.

The computing cluster is hosted in South Korea using infrastructure provided by kt cloud. Service launched on Oct. 29 with an initial batch of 480 GPUs, with plans to scale to 64 compute nodes and 560 terabytes of high-performance storage at full deployment.

The agreement carries substantial capital requirements. Under the 60-month term, XMax faces scheduled service fees totaling approximately $122.5 million, subject to contractual adjustments. The company is also required to provide an $8.2 million standby letter of credit and pay a $2.1 million setup fee due Nov. 6.

XMax stated that it plans to apply the compute capacity toward its NeoCloud platform and an AI Token Factory offering, targeting enterprise workloads including high-throughput inference, Model-as-a-Service, autonomous agents, and retrieval-augmented generation. The company projected that business lines supported by the installation could generate more than $100 million in cumulative revenue over the five-year term.

That sales forecast highlights the commercial risk of the transaction, with base infrastructure charges alone exceeding projected revenue before accounting for software development, networking, and overhead expenses.

The agreement is not yet fully settled. The commitment remains contingent on formal board approval and the execution of required security documentation by Nov. 17.