QumulusAI, a neocloud infrastructure provider, announced that its common shares have commenced trading on the Nasdaq Global Market under the ticker symbol QMLS. This direct listing follows the U.S. Securities and Exchange Commission declaring the company's registration statement on Form S-1 effective on July 14, 2026. The move provides QumulusAI with a platform to scale infrastructure and engage with a broader investor base to address the growing demand for AI computing.

"QumulusAI was built for how AI is actually deployed — inference-first, distributed, and close to demand," said Mike Maniscalco, CEO of QumulusAI. "As an active, revenue-generating neocloud, we bring compute online in months, not years. Becoming a public company gives us the platform, and the capital efficiency, to scale that model as enterprise demand for AI infrastructure compounds."

Listing Details

The commencement of trading on July 16, 2026, is the result of a direct listing process. Chardan Capital Markets LLC is acting as the company's financial advisor for this transaction. Copies of the final prospectus relating to the registration may be obtained by visiting the SEC's website at www.sec.gov .

About QumulusAI

QumulusAI operates as a distributed AI cloud platform, delivering accelerated access to high-performance GPU compute. The company utilizes an inference-first, demand-led deployment model across a network of data center sites. This approach brings compute closer to customer demand, enabling AI teams and enterprises to scale production AI workloads with speed and flexibility. By combining rapid deployment with flexible private cloud infrastructure, QumulusAI gives customers a faster, more adaptable path beyond the capacity constraints of traditional centralized and hyperscale cloud models.

QumulusAI has issued fiscal year 2026 guidance targeting $300 million in forward annualized recurring revenue (ARR), representing approximately 30x growth over fiscal 2025. This revenue projection is backed by 18 megawatts (MW) of data center capacity expected by December 31, 2026, with a line of sight to 2.5 gigawatts (GW) by the end of fiscal year 2027. The company, a neocloud infrastructure provider for the artificial intelligence computing era, detailed these operational metrics in an investor outlook update.

The forward ARR guidance of $300 million is expected as of December 31, 2026. This figure comprises executed contract revenue to date, expected renewals, deposit-backed compute capacity reservations, and projected contract signings. In each case, the ARR reflects revenue expected upon the activation of the associated compute capacity.

Capacity and Infrastructure

QumulusAI expects 18 MW of data center capacity as of December 31, 2026. This total includes 8 MW of active high-performance computing (HPC) power and 10 MW of HPC power in development. The capacity is under executed lease or colocation agreements that are operational or undergoing build-out, power activation, or customer deployment.

Growth beyond 2026 is supported by a line of sight to 2.5 GW of capacity by the end of fiscal year 2027. QumulusAI’s national footprint currently includes active sites in Marietta, Georgia; Kansas City, Missouri; Denver, Colorado; and two sites in Philadelphia. An Oklahoma site and additional colocation partners are in development. Through the QAI Moon joint venture and its agreement with Connected Nation Internet Exchange Points, the company sees a path to 125 network-edge sites across its distributed AI-XP footprint.

Executive Commentary

"AI’s biggest barrier isn’t intelligence; it’s the infrastructure to power it. We don’t build the models — we build the infrastructure that powers them," said Michael Maniscalco, CEO of QumulusAI. "Our focus in 2026 is straightforward: bring GPU capacity online in months, not years, and convert it into durable recurring revenue."

QumulusAI houses the latest NVIDIA GPUs, including Blackwell (B300/B200), Hopper (H100/H200) and RTX PRO 6000. These are located in colocation facilities and data centers of less than 50 MW capacity, on a quarterly deployment cadence designed to accelerate time to value for customers.

"We designed this guidance framework to be simple to track," said Scott Krosnowski, CFO of QumulusAI. "Forward ARR and capacity capture both sides of our model: the demand we activate and the infrastructure we deliver it on. We are issuing this as annual guidance, and we expect to update our outlook for 2027 at the end of the year."

Fiscal Year 2026 Guidance

¹ Forward ARR expected as of December 31, 2026, comprising executed contract revenue to date, expected renewals, deposit-backed compute capacity reservations, and projected contract signings, in each case reflecting ARR expected upon activation of the associated compute capacity.

² Data center capacity under executed lease or colocation agreements, operational or undergoing build-out, power activation, or customer deployment, in each case available for, or expected to become available for, compute deployments as of December 31, 2026.