First, with 28 million shares outstanding and a share price of $100, the market capitalization would be $2.8 billion.
First, with 28 million shares outstanding and a share price of $100,
the market capitalization would be $2.8 billion.
In my opinion, $100 during the 2026-2027 transition period is bullish.
If the management's capacity plan and projects truly get on track, a market capitalization of $2.8 billion by 2030 is rather low.
This isn't just wishful thinking; it's because, even with a slight discount, that's roughly the figure that comes out when you connect the management's stated capacity plan and revenue projections.
✅ The company raised its full-year 2026 revenue guidance to $160 million to $200 million.
✅ Jay has stated that achieving a profitable $500 million revenue company by 2027 is his personal goal.
✅ They are developing a 200MW AI data center campus in Korat, Thailand, aiming for 100-150MW of power capacity by the end of 2026, at least 0.5GW by the end of 2027, and having secured a contract for an additional 1GW of development capacity.
✅ Regarding the Yotta project, Jay mentioned a scale of approximately $3.2 billion.
✅ NeutraDC is also expected to generate revenue from late Q3 to Q4.
✅ Bruce explained that the gross profit margin for data centers/GPU-as-a-Service is around 75%-80% even in the worst-case scenario.
✅ Regarding EBITDA margins, they mentioned the possibility of exceeding 25%-30% in the future.
In short, the management's vision is: "200 million in 2026 → 500 million in 2027 → and even higher beyond that with capacity expansion."
The important thing is how much "revenue scale" and "quality" they can achieve by 2030.
🦍Case 1: Cautious Success → ✅ Stock Price: $214-$357
Around $500 million in 2027
Capacity will continue to expand afterward, but there will be some delays due to construction, GPU supply, and customer acceptance testing.
Revenue in 2030: $1 billion-$1.5 billion
Market valuation: P/S 4-6x
This would result in a market capitalization of
$4 billion-$9 billion, but I'm anticipating a slight upward revision,
and placing it at $6 billion-$10 billion.
🦍Case 2: Mainline Success → ✅Stock Price $357-$643
$500 million achieved by 2027
Korat, Yotta, NeutraDC, and other ASEAN projects are properly recognized as revenue
2030 revenue is $1.5 billion-$2.5 billion
Profit margins also improve, and it is valued as an AI infrastructure growth stock
Market valuation is P/S 5-7 times
Then the market capitalization will be
approximately $7.5 billion-$17.5 billion.
I round this range and see $10 billion-$18 billion as the mainline for 2030.