XMax signs $122.5 million five-year GPU deal with DSH Hyper, pending board approval
In brief
- XMax signed a five-year GPU-as-a-Service deal with DSH Hyper valued at about $122.5 million.
- 480 NVIDIA Blackwell Ultra B300 GPUs across 60 nodes, sourced from kt cloud, form the initial cluster.
- Board approval of security provisions, including an $8.2 million letter of credit, is still required.
- XMax expects more than $100 million in cumulative revenue over five years.
What's in the contract
The agreement runs until October 28, 2031, and service started on October 29, one day after signing. The computing resources come from kt cloud Co., Ltd. in Korea and are delivered through DSH Hyper.
XMax's disclosure puts the initial setup at 480 NVIDIA Blackwell Ultra B300 GPUs across 60 nodes. Over the life of the contract, capacity can scale to 512 GPUs across 64 nodes, plus 560 TB of storage. XMax AI Inc. (a subsidiary of XMax) will run the cluster, and its main job will be high-throughput AI inference workloads.
The conditions attached
XMax still has a few financial commitments to meet before the deal is locked in. The largest security provision is a standby letter of credit worth approximately KRW 10.83 billion, or US$8.2 million, and the security documentation is due by November 17, 2026. The deal also carries a non-refundable setup fee of about US$2.1 million, due November 6.
Until the board signs off on those provisions, the agreement isn't final.
XMax's move into AI infrastructure
XMax said it expects more than US$100 million in cumulative revenue over the next five years, and it's tying that expectation to commercializing its NeoCloud and AI Token Factory platforms. That's the company's own expectation, not an independent forecast.
This contract isn't XMax's first step into AI services. In mid-2026 the company set up AI API service agreements totaling about US$25 million, and it's going through a corporate restructuring to focus on AI infrastructure services. Crypto Briefing described XMax as a former furniture distributor. Now it's running a Blackwell cluster for AI inference.
Frequently asked questions
Is the XMax and DSH Hyper GPU deal final?
No. The agreement depends on XMax's board approving the required security provisions. The biggest of these is a standby letter of credit worth about KRW 10.83 billion, or US$8.2 million, and the security documentation is due by November 17, 2026.
How many GPUs are covered by XMax's contract with DSH Hyper?
The initial setup is 480 NVIDIA Blackwell Ultra B300 GPUs across 60 nodes. Over the five-year contract, capacity can scale to 512 GPUs across 64 nodes plus 560 TB of storage. The computing resources come from kt cloud in Korea and are delivered through DSH Hyper.
