Markets Share Share this article Copy linkX (Twitter)LinkedInFacebookEmail WhiteFiber NC-1 deal is promising, says B. R Markets Share Share this article Copy linkX (Twitter)LinkedInFacebookEmail WhiteFiber NC-1 deal is promising, says B. R

WhiteFiber NC-1 deal is promising, says B. Riley, seeing 127% upside after stock price plunge

2025/12/24 22:31
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WhiteFiber NC-1 deal is promising, says B. Riley, seeing 127% upside after stock price plunge

The analyst team said the first long-term co-location agreement at NC-1 validates WhiteFiber’s retrofit model.

By Will Canny, AI Boost|Edited by Stephen Alpher
Dec 24, 2025, 2:31 p.m.
WhiteFiber lands flagship NC-1 deal, stock has more than 100% potential upside: B. Riley. (Unsplash, modified by CoinDesk)

What to know:

  • B. Riley said WhiteFiber’s NC-1 Nscale deal backs the company's timeline and execution.
  • Lender talks for a construction facility are advanced, with potential credit enhancements.
  • The bank's analysts reiterated their buy rating on the stock while trimming their price target to $40 from $44 following the stock's more than 50% decline from record highs.

Data center developer WhiteFiber's (WYFI) first long-term colocation deal at its flagship NC-1 campus with Nscale Global supports management’s execution and its original deployment timeline, investment bank B. Riley said in a report Tuesday.

"We believe WYFI's reaffirmation of its original deployment timeline demonstrates its execution capability and the benefit of the company's retrofit model," wrote analysts Nick Giles and Fedor Shabalin.

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The analysts reiterated their buy rating on the stock while trimming their price target to $40 from $44 to reflect more conservative Cloud Services assumptions. That would be about 127% upside from last night's close of $17.62, down more than 50% from a record high two months ago.

The analysts noted that WhiteFiber is in advanced talks with lenders on a construction facility expected to close in early 2026, potentially with an accordion feature and credit enhancements that could lower its cost of capital.

On valuation, B. Riley said WhiteFiber trades at about 11x EV/EBITDA on its 2026 estimates and roughly 8x EV/EBITDA on its 4Q26 adjusted EBITDA run-rate, which it views as a meaningful discount to peers in the mid- to high-teens.

Read more: WhiteFiber signs 10-year, 40 MW colocation deal with Nscale valued at about $865 million

AIData CentersB. Riley
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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