Boost Run's GPU Cloud Backlog Hits $2.7 Billion as Revenue Jumps Sixfold

Boost Run booked $39.9 million in third-quarter revenue, up from $6.7 million a year earlier, and its contracted GPU cloud backlog now stands at $2.7 billion after an $800 million jump in a single quarter. The company reported the results on Thursday. Revenue was up from $31.1 million in the prior quarter, while the net loss narrowed to $14.1 million, or 17 cents a share, according to its filing.

The press release rounds the annual growth to 496%. The company's own math works out to roughly 492% — the figure its investor presentation uses. Either way, the trajectory is steep.

What does the $2.7 billion backlog actually cover?

All of it is live, deploying, or contracted with scheduled deployment in 2027, chief executive Andrew Karos said. He expects 26% of the total to be running by the end of this month.

"Each project adds positive incremental cash flow starting in month one of being fully deployed, and we expect to achieve sustainable net cash flow margins of 15-20% in forward periods," Karos said in the release.

Boost Run rents Nvidia servers to AI companies. It's an Nvidia Preferred Cloud Partner based in Northbrook, Illinois, and it began trading on Nasdaq after a SPAC merger closed on May 8. The company does not name its customers. Its 10-Q, though, describes one June deal for 240 GPU servers over three years worth about $207.6 million, plus several September agreements running through 2032 with combined value above $700 million.

The company's deck shows contracted capacity in production rising from $0.8 billion at the end of Q3 to an estimated $1.3 billion by year-end, reaching the full $2.7 billion during 2027.

Why depreciation outruns revenue

The loss story is mostly a hardware story. Depreciation and amortization jumped to $34.8 million from $18.1 million in the second quarter as new servers went into service. Colocation rent ran $9.4 million. That pushed the operating loss to $17.1 million, wider than the prior quarter's $12.9 million.

Quarter	Revenue	Operating loss	Net loss
Q3 2025	$6.7M	$13.6M	$17.2M
Q2 2026	$31.1M	$12.9M	$75.0M
Q3 2026	$39.9M	$17.1M	$14.1M

Almost all revenue — $39.4 million — came from leasing GPU servers. Another $0.5 million came from contributing computing power to blockchain networks, down from $2.9 million a year earlier. Interest expense rose to $6.8 million, and a $9.7 million tax benefit trimmed the net loss to $14.1 million. The second quarter's much larger $75.0 million loss included tax charges tied to the company's change in tax status after the merger.

Cash, meanwhile, moves the other direction, because customers pay ahead. Operating cash flow hit $65.6 million in the quarter and $172.6 million over nine months. Boost Run ended September with $157.0 million of unrestricted cash and an $80.3 million working capital deficit, which it attributes largely to customer prepayments recorded as deposits.

How the build-out gets financed

Boost Run owns no data centers. It leases space from colocation providers and says it has 253 megawatts of accessible capacity through those partners, spread across six US data center sites, with three more expected online within six months.

On the hardware side, it holds a $1.44 billion Dell purchase agreement it describes as fully committed, and it's seeking $4 billion to $5 billion of additional equipment from several manufacturers. No definitive agreements have been signed for that second tranche, the company notes — a roadmap item, not a booked commitment.

Three funding streams keep the build-out moving:

• Customer prepayments averaging 22% of contract value — including $482 million raised this year that comes due when projects deploy
• Roughly $600 million of project financing raised this year
• Project-level equipment loans paid down from customer payments inside the contract term

The company also redeemed all of its public and private warrants in August.

What the timing means for neoclouds

The results landed in a rough week for the sector. Bloomberg reported days earlier that Microsoft is renting less third-party AI capacity, a shift that exposes neoclouds whose businesses were built on its contracts. That same week, Nebius said colocation delays would push its 2026 sales to the low end of guidance.

Boost Run's numbers cut against that gloom, at least on paper. A $2.7 billion contracted backlog with a 2027 completion date, funded largely by customers' own money, gives the company a visibility most rivals would envy right now. The test is execution: whether the remaining 74% of that backlog comes online on schedule, and whether the 15-20% net cash flow margins Karos projects hold once depreciation catches up with the fleet.